Facebook (FB) PT Raised to $205 at Deutsche Bank

Deutsche Bank raised its price target on Facebook (NASDAQ: FB) to $205.00 (from $200.00) while maintaining a Buy rating.

Analyst Llyod Walmsley commented, "We feel better about Facebook shares coming out of 1Q earnings, particularly with regards to the implications of GDPR to ad revenue. The company sees the potential for some impact from GDPR but not a meaningful one to ad revenue growth. DAUs in the quarter improved solidly, globally, despite privacy issues. And while the company guided to some potential GDPR impact to MAUs and DAUs in the EU, management framed it up at “flat to slightly down”. Facebook is not completely out of the woods – regulators could enforce more privacy-friendly consent flows, there could be lawsuits, and the targeting impact outside the EU from their unilateral disarmament could have a bigger relative dip. In addition, we expect more headlines and lawsuits from privacy advocates. But we think the likelihood of worst-case fears declined meaningfully after this call. We see the stock likely to work from here as investors start to refocus on the growth opportunity and further comfort during 2Q results. We increase our top-line growth, somewhat offset by higher opex and capex. We reiterate our Buy rating and slightly increase our TP to $205 (from $200) on slightly higher multiples reflecting increased confidence looking forward."

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