Needham & Company raised its price target on Facebook (NASDAQ: FB) to $185.00 (from $165.00) while maintaining a Buy rating.

Analyst Laura Martin commented, "We raise our 2Q17, 2017 and 2018 estimates for FB, as well as our Target Price to $185 (from $165), as user growth has outpaced our estimates and our channel checks indicate more robust advertising revenue growth than we previously projected owing to more video ads (i.e., higher CPMs), faster Instagram revenue growth, and lower competition from SNAP than we had previously projected. We now believe FB is becoming the de facto near-monopoly mobile choice for brands and direct response (i.e., lead-gen) advertisers. FB will report 2Q17 earnings on Wednesday, July 26, 2017 after the market closes and will host a conference call at 5 pm ET. The call-in number is (866) 554-3009, ID 4014-4952. We maintain our Buy rating."