EFTA02389702

Document Text

From: Richard Kahn < Sent: Thursday, February 2, 2017 2:27 PM To: jeffrey E. Subject: Fwd: FB US: Facebook: Price Objective Change - Beat and raise, and more raises likely if expense pattern holds - BUY - United States Facebook Stock own 17,500 shares from =nbsp;IPO 5/17/2012 at 538 per share stock =remarket 133.5 unrealized gain 1,671,250 position value 2,336,250 Richard =ahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 tel fax cell = Begin forwarded message: From: qb>"Ens, Amanda" < Subject: =/b>FB US: Facebook: =rice Objective Change - Beat and raise, and more raises likely if =xpense pattern holds - BUY - United States Date: =/b>February 2, 2017 at 9:06:14 AM =ST To: =/b>"Rich Reply-To: =/b>"Ens, Amanda" < Global Research EFTA_R1_01414365 EFTA02389702 Facebook Beat and raise, and more raises likely if =xpense pattern holds Reiterate Rating: BUY PO: 165.00 USD I Price: 133.23 USD Equity I 02 February =017 Key takeaways =/span>Strong 4Q beat with positive user =etrics across the board. User growth should soothe potential =ompetitive concerns. • =/span>Raising estimates, but more room =o go with 2H upside potential on pricing, GDP acceleration, and cost =iscipline. • =/span>Raising non-GAAP EPS by 6% in =017E and 2018E; raising PO to $165 (24% upside) on 24x non-GAAP EPS and =7x GAAP EPS. FULL REPORT 2 EFTA_R1_01414366 EFTA02389703 Clean beat; with revenue =pside offsetting higher '17 spend