JPMorgan analyst Doug Anmuth views Facebook's Q1 report as providing a "sigh of relief" and thinks it can "begin to get investors re-engaged" in the shares. The analyst admits, however, that this "may not happen overnight" as Facebook "cautioned a bit" on European users in Q2 due to regulatory risk. However, Anmuth continues to expect the impact on the business to be modest. Facebook "remains our favorite large-cap stock and represents a compelling opportunity" at current levels, the analyst tells investors in a post-earnings research note. He reiterates an Overweight rating on the shares with a $242 price target.