Investors should buy Facebook shares as the social network will continue to gain market share in internet advertising due to new product and video monetization, according to Goldman Sachs.
The firm reiterated its buy rating and raised its price target on the company to $162 from $142 after Facebook reported better-than-expected quarterly results Wednesday.
"When coupled with emerging bets on platforms such as Messenger and WhatsApp, we continue to see an unparalleled product roadmap," Goldman Sachs' Heather Bellini wrote in a note to clients Wednesday. "The strength in the core Facebook app is continuing and newer monetization opportunities such as Instagram and video are quickly following as MAUs and the number of advertisers are growing."
