UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Facebook Following Solid Results

In a report published Thursday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on

, but lowered the price target from $90.00 to $88.00. In the report, Credit Suisse noted, “Facebook reported better-than-expected results with revenue and Adj. EPS of $3.2b and $0.44 respectively vs. consensus $3.12b and $0.40. While OpEx growth guidance of 30-35% YOY for 2014 was maintained, management offered an early look into 2015 contemplating non-GAAP OpEx growth to be in the range of 50%-70%. Our 4Q14 estimates for revenue, adj. EBITDA and adj. EPS are now $3.71b, $2.26b, and $0.40 respectively vs. prior $3.44b, $2.17b, and $0.41. For FY15, our estimates for revenue and adj. EBITDA are now $15.68b, $8.9b, and $1.54 vs. prior $15.1b, $9.79b, and $1.83. Our price target decreases to $88 vs prior $90 on the OpEx step up and we maintain our Outperform rating.” Facebook closed on Wednesday at $75.86.