Credit Suisse analyst Stephen Ju raised his price target for Facebook to $265 from $240 following favorable checks with advertisers. Similar to the feedback last quarter, the analyst's advertiser checks indicate modest deceleration in ad budget growth overall. But slowing budget growth for the Facebook app is offset by Instagram, which at this point seems to account for roughly 20% of budgets spent, he notes, adding that this indicates that Instagram revenue growth remains well into the triple digits, albeit coming from a lower base. Ju believes the next tactical catalyst for the shares will be the 2019 guidance for CapEx, which will signal resumption of free cash flow growth. He reiterates an Outperform rating on the shares.