NEW YORK (TheStreet) -- Facebook (FB) is facing big expectations as it gears up to release its third-quarter earnings after the market closes Wednesday.

Analysts surveyed by FactSet are anticipating the social media giant will report earnings per share of 97 cents on $6.9 billion in revenue, but what may be most important is what Facebook says about growth in advertising.

"We continue to see an upside potential in ad revenues vs. the way the Street has things modeled now," UBS analyst Eric Sheridan said Wednesday on BloombergTV's "Bloomberg Daybreak." "That's going to be driven by Instagram, video, as well as e-commerce. I think those are the three big drivers."

Facebook and Alphabet's (GOOGL) Google are the biggest players in the mobile advertising business, and there may come a time when Facebook struggles to grow its ad business as the two companies gobble up market share, Sheridan added.

"I think there is a battle setting up in the medium to long-term around where video ad dollars go between the television platform and the mobile ad platform," he said.

Shares of Facebook were virtually flat in Wednesday morning trading.

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

Separately, 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. TheStreet Ratings has this to say about the recommendation:

We rate FACEBOOK INC as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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. We feel 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.

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

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