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Facebook Q1 2020 Earnings Note

Facebook Q1 2020 Earnings Note

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We are maintaining our Buy rating on Facebook, with a 12-month price target of $240 per share, implying 19.8% upside.

Q2 2020 may embody cyclical headwinds for digital advertising, but our long term outlook on Facebook remains constructive. Facebook remains strongly positioned to capture share in a growing digital advertising space, and in our view will be a prime beneficiary of a rebounding economy, which we still suspect may begin sometime in Q3 2020.

Read the rest in the note.