NEW YORK (TheStreet) -- Facebook  (FB - Get Report) should expect tough questions regarding the company's second quarter earnings report, which is set to release next Wednesday after the market closes, CNBC's Scott Wapner reported on "Squawk Box" Friday.

People will be most focused on the users engagement with Facebook Live and the company's video streaming services, how quickly the company is monetizing Instagram, and about Facebook Messenger which just crossed its $1 billion user mark, CNBC's Jon Fortt reported on the show. 

Additionally, BTIG downgraded Facebook to "neutral" from "buy" as the firm doesn't expect the stock to maintain its current level of success forever, Wapner said. 

"With Facebook stock now over $120, exceeding the $117 price target we set one year ago this week, we believe the risk/reward is no longer compelling," the firm said in a note.

Average analyst estimates for Facebook's second quarter is 81 cents per share on revenue of $6.01 billion. This is an increase from last year's second quarter earnings of 50 cents per share on revenue of $4.04 billion.

Shares of Facebook are trading higher by 0.12% to $120.75 Friday morning. 

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Separately, TheStreet Ratings team set this stock as a "buy" with a ratings score of B+. The company's strengths can be seen in multiple areas, 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. TheStreet Ratings team feels its strengths 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.

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 articles's author.

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