Piper Jaffray analyst Gene Munster notes that adjusting for currency, Facebook's Q1 revenue would have been 3% higher than the Street compared to a reported 2% miss. To reflect stronger FX headwinds, Munster lowered his 2015 revenue estimates for Facebook by 2%. The analyst, however, says the online network's "story is firmly intact." He sees potential upside from the ramping of Instagram in 2016, WhatsApp in 2017 and Oculus in 2018. Munster keeps an Overweight rating on Facebook with a $92 price target. The stock is trading down $1.69 to $82.94 in pre-market trading following last night's earnings results.