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Ross Sandler of Deutsche Bank said the drop in Facebook Inc (NASDAQ: FB) shares creates a buying opportunity as history suggests “buy the dip” in Facebook.
Despite better-than-expected quarterly results, Facebook shares fell 5 percent on commentary over ad loads, investments and “meaningful” slowdown in revenue growth rates in 2017.
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“Stepping back from the metrics, the continued battering of cautious commentary on 2017 is understandable given FB’s history, but these down-drafts are usually good buying opportunities, and FB’s forward P/E has already imploded,” Sandler wrote in a note.
Facebook’s ad revenue grew 59 percent and noted that it's making good progress in its “video first” objective and sees strong growth in video ads.
That said, Sandler said though his checks haven’t pointed to any “meaningful” deceleration expected next year, the lack of Messenger/WhatsApp revenue could create minor headwinds in 2017.
Sandler, who has a Buy rating on the stock, cut the price target by $20 to $150.
At last check, shares of Facebook dropped 7 percent to $120.02.
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.