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The market isn't pricing in Instagram's ability to propel Facebook Inc.'s (FB) - Get Facebook, Inc. Class A Report growth. That's according to three Wall Street analysts who each came out with reports this week. 

"Instagram should become the primary growth driver in 2019, which appears under-appreciated," wrote KeyBanc Capital Markets analyst Andy Hargreaves on Friday. This "suggests investor concern about decelerating core Facebook revenue may be overdone," Hargreaves added. 

Facebook shares closed up 2.18% Friday to $149.01, down roughly 30% from their all-time high.

Hargreaves believes Instagram will drive more than 50% of revenue in 2019, as "Instagram usage appears relatively unaffected by the broader concerns around Facebook." Instagram likely accounted for less than half of Facebook's total revenue in 2018, according to Hargreaves, who also thinks Facebook, Watch, Messenger and WhatsApp look positioned to do their part in driving overall 20% revenue growth for the year. He expects total revenue of $66 billion for the year. 

Plus, his checks do not show that users are deleting their Facebook accounts. "Feedback from advertisers continues to show little evidence of deteriorating audience sizes, and trends in search volume for 'delete Facebook' suggest the vast majority of consumers are more focused on politics than on deleting their Facebook accounts," he wrote. 

Other analysts agree with Hargreaves' optimism on Instagram. 

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"We believe that Instagram is a material driver for growth in '19 and can grow 60%+," wrote Jefferies analyst Brent Thill in a note out Monday. "We see upside to pricing, users, and impressions as Instagram continues to improve its advertising efforts across the entire advertising funnel," Thill added. Thill has a $180 price target. 

Currently, Instagram ad prices are much lower than they could be soon, several analysts say. Hargreave pointed out CPM's (cost per impression) will likely decelerate in 2019 on account of advertisements on Instagram stories. But the upside to stories ads pricing is considerable. 

"The Stories format is quickly emerging as an ad placement that can perform in the same league as other ad units within the Facebook ecosystem," wrote Deutsche Bank analyst Lloyd Walmsley in a note out Wednesday. Walmsley has a $195 price target. 

To Facebook bulls, it seems the market has soured too much on the social media giant. "It all comes down to expectations and sentiment, and what the data is telling you is that both have gotten way too negative," said Zev Fima, research analyst for Jim Cramer's Action Alerts Plus Portfolio, which owns Facebook. "Core Facebook appears to be holding up better than many expected and Instagram monetization is picking up," he added. 

"The headlines maybe negative but so long as the platform provides best-in-class ROI [return on investment], ad buyers will continue to give them money," Fima said. 

Facebook shares are up 8% year-to-date but are down 20% over the last year.

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