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Facebook Inc (NASDAQ: FB) reported robust 1Q results, while maintaining its cash open growth guidance for 2016.
J.P. Morgan’s Doug Anmuth reiterated an Overweight rating on the company, while raising the price target from $136 to $161.
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“FB remains in a class by itself across the combination of scale, growth, & profitability,” Anmuth mentioned.
1Q Results
The company reported 63 percent year on year growth in FXN ad revenue, while non-GAAP operating margins expanded 55.2 percent year on year.
Engagement numbers were robust with DAU/MAU coming in at 66 percent and total time spent on Facebook, Messenger and Instagram at 50 minutes per day.
Despite the 41 percent year on year increase in expenses in 1Q, Facebook maintained its cash opex growth guidance for 2016 at 45-55 percent.
According to the J.P. Morgan report, “While there are broader concerns of macro softness toward the end of 1Q, Facebook isn’t seeing them.”
Anmuth believes that apart from normal seasonality, the key drivers of strength in 4Q persisted into 1Q, with retail continuing to be a robust ad category.
Class C Shares
“FB’s proposed Class C share structure is nearly identical to what Google (Alphabet Inc (NASDAQ: GOOGL)) implemented a couple years ago & is based on FB/Mark Zuckerberg’s focus on running the company for the long-term,” Anmuth said.
The analyst expects only modest pushback, with concerns regarding Mark Zuckerberg selling shares down and Facebook potentially raising its M&A activity, without diluting Zuckerberg’s voting control.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.