NEW YORK (TheStreet) -- Shares of Facebook (FB) were slumping in late morning trading on Thursday, after the social media company said during its 2016 third quarter conference call on Wednesday afternoon that its ad load revenue growth rate would slow in the second half of 2017.

The social media company expects ad load to "play a less significant factor driving revenue growth after mid-2017" and for ad revenue growth rates to "come down meaningfully," Facebook CFO David Wehner said on the earnings call. The company also expects 2017 to be an "aggressive" spending year and for capital expenditures to grow "substantially," he added. 

The drop in Facebook's stock as a result of these comments is a buying opportunity for investors, Axiom Capital Management Managing Director Victor Anthony said on CNBC's "Squawk Box" on Thursday morning. The firm has a "buy" rating and $160 price target on Facebook.

"I'm not too concerned. I think the pullback is really a gift for investors who have been on the sidelines who have missed the run up," he claimed. 

However, this lower-than-expected ad revenue growth guidance is not new, Anthony noted. Facebook also mentioned this deceleration in its 2016 second quarter earnings call this past July. 

"We think we're in a good zone on the right ad load and we do think there's opportunity to grow that modestly," Wehner said at the time. "But as we look forward into 2017, we think it will be a less significant factor driving inventory growth."

Since Wall Street knew about this outlook three months ago, it had already factored it in prior to yesterday's announcement, Anthony said. "[Wall Street] was already there. They had already factored in a 20-point deceleration in 2017." 

As for Facebook's increased spending outlook, investors should note that the company has come in at the "low end" of its investment guidance in the past, Anthony said. "They always guide aggressively with expenses and beat that expense guidance. So I'm expecting the same."

In addition, investors should note that Facebook's past investments in its messaging app Messenger and in its photo-sharing app Instagram have both "yielded fruit," Anthony pointed out. 

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

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 team rates Facebook 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 the team rates.

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

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