Facebook (FB) Defended At Credit Suisse, Bank Says 'Now Is The Time To Accumulate'
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Credit Suisse maintains Outperform on Facebook (NASDAQ: FB) price target of $165.00 (from $170.00).
Credit Suisse analyst Stephen Ju comments "OpEx and investment growth will be addressed on the 4Q16 earnings call and we expect the question of revenue growth in 2H17 to be addressed certainly by the 3Q17 print if not before. As we have alluded to before, we do not believe the Street is giving FB shares any credit for potential moves to monetize Messenger so any incremental news in this regard should serve as a positive catalyst. Our overall investment thesis on FB shares remain unchanged: 1) Facebook will be able to drive long term revenue growth without a material lift in ad loads - near-term drivers include Instagram, Premium Video, and DPA, 2) Street models continue to underestimate the long-term monetization potential of upcoming new products (Graph Search), 3) optionality and upward bias to estimates, which do not contemplate contributions from multiple other products including Messenger and WhatsApp."
Shares of Facebook closed at $124.35 yesterday.
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