NEW YORK (TheStreet) -- Shares of Facebook (FB) - Get Report are advancing 2.29% to $126.17 in Thursday morning trading as strong mobile advertising revenue and growth in monthly active users helped propel the social network to a 2016 second-quarter earnings and revenue beat.

"There was just so much great stuff," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

Branded advertisers love the platform, and companies like Coca-Cola (KO) that are in hundreds of countries would prefer Facebook's reach of billions of people over domestic broadcast companies' reach, Cramer pointed out.

Cramer said he is humbled by Facebook CEO Mark Zuckerberg's foresight.

"He really is thinking about what we want well ahead," Cramer noted. "Steve Jobs did that. Henry Ford did that...Edison did that. This guy is the real deal."

Cramer set a $160 price target on Facebook stock. He believes the company could report per-share earnings of $8 in 2018, and mentioned that a price of 20 times 2018 earnings is not expensive.

"We used to see these things in the hay-day of the personal computer. You would get a quarter I thought they couldn't do until the end of the year," Cramer stated. "This quarter is so far ahead of what I thought they could do."

(Facebook is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with afree trial.)

Separately, TheStreet Ratings team rate the stock as a "buy" with a ratings score of B+.

Facebook's strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

You can view the full analysis from the report here: FB

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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