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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%. 

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Facebook is scheduled to report its results Wednesday, July 25, after the closing bell. 

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