The media took Facebook Inc. (FB) to task over data privacy concerns this quarter, but its bottom line won't be affected, according to a note from Stifel on Friday, July 20.
The firm reiterated its "buy" rating on the stock while also raising its price target to $242, up from its previous view of $202. The new price target represents a 16% upside from the stock's opening price Friday of more than $209.
The firm expects Facebook to report second-quarter revenue growth of 45% year over year to $13.52 billion, ahead of Wall Street's consensus of $13.35 billion.
Stifel also expects the social media company's total monthly active user total to grow 12% year over year to 2.25 billion with 1.47 billion daily active users, up 11.2%.
Facebook is scheduled to report its results Wednesday, July 25, after the closing bell.