JP Morgan Says Buy the Dip in Facebook, Maintains Overweight Rating Amid ~6% Drop

JP Morgan's Doug Anmuth is telling investors to use weakness in shares of Facebook

as a buying opportunity Thursday morning. Facebook shares are down nearly 6 percent at last check following

on Wednesday afternoon. Anmuth said investors are likely reacting to somewhat soft mobile ad sales during the quarter and concerns related to expenses which will rise sharply this year. Anmuth remains bullish on Facebook shares as the company is still in the early stages of a transition toward an ad platform which will better target social and mobile ads. The analyst maintains an Overweight rating and $35 price target on shares of Facebook.