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Facebook 2019 initiation

Facebook 2019 initiation

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We are initiating coverage of Facebook with a Buy rating and a 12-month price target of $235 per share, implied upside of 20.4% y/y.

We are encouraged by the underlying health of Advertising, expecting + / - mid-20s y/y percentage growth through 2020, Asia-Pacific daily and monthly average user growth in the teens and stable growth in developed markets such as the U.S./Canada and Europe.

Read the rest in the note.