In fact, all of the FANG stocks -- Facebook, Amazon.com, Inc. (AMZN) - Get Amazon.com, Inc. Report , Netflix (NFLX) - Get Netflix, Inc. (NFLX) Report and Alphabet (GOOGL) - Get Alphabet Inc. Class A Report -- have been on fire. For its part, the social media giant has seen its stock rally more than 6% in just four trading sessions so far this year.
On the fifth session, Monday, shares are continuing that advance. It helps that JPMorgan analyst Doug Anmuth called Facebook a "best idea" for 2018. In doing so, he maintained his overweight rating and bumped his price target to $230 from $225.
Anmuth's target implies about 24% upside from Friday's closing price. He contends that Facebook continues to display a "rare and impressive combination of scale, growth and profitability." User engagement should remain strong and growth on Instagram should continue to impress. Ultimately, Instagram could double from current levels, he says.
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However, Anmuth wasn't the only bull roaming about on Monday. Also out with a positive note was Credit Suisse analyst Stephen Ju. While reiterating his outperform rating on the stock, Ju bumped his price target to $232, implying almost 25% upside.
Positive advertiser checks make Ju feel more optimistic about the upcoming quarter. However, he does point out that Facebook seems to be upping its CapEx spending in an effort to boost content and security.
In reaction to the analyst notes, Facebook stock is barely positive in early trading, up just 0.1% to $187.01.
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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.