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Facebook Q3 2019 Earnings Note

Facebook Q3 2019 Earnings Note


We are maintaining our Buy rating on Facebook, with a 12-month price target of $252, implying 30.1% upside.

Despite the additional privacy investment costs and expected ad targeting headwinds from changes in mobile platforms and international regulatory changes which Facebook again called out, we are encouraged that management has reduced its full year 2019 expense guide by $10 billion at the midpoint.

Read the rest in the note.