Facebook was issued a higher price target of $108 from $100.
Brean analysts said they like Facebook's monetization efforts of mobile applications including Instagram, WhatsApp and Messenger.
The firm maintained its "buy" rating on Facebook, telling investors to own the stock for the long haul.
Menlo Park, Calif.-based Facebook is a social networking website company, with its applications enabling customers to stay connected with their friends and family.
Insight from TheStreet's Research Team:
Facebook is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Facebook shares ended the week mainly unchanged. Earlier in the week, we profiled an interesting note released by Canaccord Genuity detailing the stock's attractive valuation and future potential. At the core, user and engagement growth should continue to drive value for the company, as both monthly average users (MAUs) and daily average users (DAUs) are growing at a breakneck pace (10% and 17%, respectively, in the first quarter).
Additionally, despite ad revenue growing 3x faster than users, we still see room for improved monetization, especially as Facebook expects Instagram's ad platform to generate over $1.2 billion in revenue next year and nearly $4 billion by 2018, as the app continues to expand its advertising capabilities.
As Facebook continues to find innovative ways to monetize its highly engaged user base, the stock will only become more attractive. We reiterate our $90 target.