Facebook (FB) PT Raised to $230 at Mizuho Securities

Mizuho Securities analyst James Lee raised the price target on Facebook (NASDAQ: FB) to $230.00 (from $210.00) while maintaining a Buy rating after the company reported strong 1Q19 with -10% QoQ ad revenue growth vs consensus of -11%. Adjusted operating income beat consensus by nearly 20%. Revenue growth guidance is expected to be decelerating for the rest of 2019, consistent
with consensus but appearing conservative.

The analyst stated "The only negative spot was a $3.0bn accrued expense for FTC inquiry, which would take some time to resolve. We maintain our 2020 EBITDA estimate at $46bn as we are 5% ahead of consensus and introduce 2021 estimate at $56bn. Maintain our Buy rating and raise PT from $210 to $230, representing 11x 2021 EBITDA".

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