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Facebook Q4 2019 Earnings Note

Facebook Q4 2019 Earnings Note

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We are maintaining our Buy rating on Facebook with a 12-month price target of $252.00, implying 24.8% upside.

Management has been stating their expectation of increased global privacy regulation and ad targeting headwinds for the last few quarters, yet the sell off after earnings seemed to us like investors were somehow just realizing that regulatory overhang would occur, and lost in the wash we believe is the fact that Facebook remains incredibly strong, adding 34 million daily active users and operating margin was healthy at 42%.

Read the rest in the note.