As previously reported, Stifel analyst John Egbert upgraded Facebook to Buy from Hold, telling investors that he is incrementally positive on the company's ability to sustain above-market ad revenue growth and maintain healthy levels of user growth and engagement following Facebook's Q3 earnings report. In Q3, Facebook's daily engagement improved for the first time in two years, with particular strength in the "highly valuable" U.S. and Canada region, noted Egbert. He also views Facebook's valuation as attractive relative to peers. Egbert, who forecasts 20% plus year-over-year revenue growth is fiscal 2020 and 15%-20% growth in FY21-FY23, raised his price target on Facebook shares to $240 from $215.