Citron Research increased their stock target for Facebook (FB) - Get Report from $120 to $160 Wednesday, saying the social media giant has improved despite a tough year. 

Shares were up 2.88% to $127.64 in late morning trading.

"In the past 30 months (Facebook) has more than doubled its quarterly revenue and concerns of engagement have shifted to concerns of addiction," famed market watcher Andrew Left's Citron Research wrote, "yet the stock is back down in $120 range. Time to back up the sleigh!" 

Citron noted that Facebook has 2.2 billion active users and has grown revenues 33% quarter over quarter during this controversial 2018, when the company had to deal with issues "ranging from digital addiction, genocide in Myanmar, failure to adequately monitor or curtail propaganda from sources outside the country, and multiple abuses of user privacy."

"Considering the user base excludes China, this is a lead that has no second place," Citron wrote.

Citron said Facebook has made progress with privacy and it continues to invest in the network, adding that "the press has resorted to sensationalizing Facebook privacy issues that is not intellectually honest."

While noting another privacy breach at Facebook will probably occur, Citron stated investors will be rewarded by the shift of user behavior to Instagram shopping and the personalizing of the commerce process.