Morgan Stanley analyst Brian Nowak said he believes pools of traditional marketing spending like direct mail and "trade spending," such as couponing and endcap placement, are new sources of dollars for the online advertising leaders, including Facebook, adding that he believes online advertising penetration is only about 30%, not 55% as some would estimate. Given that backdrop, he remains bullish that Facebook's runway for online ad growth is long and expanding and he raised his price target on the stock to $270 from $250. Nowak, who also said he expects Instagram Stories monetization to be a material driver of growth in 2020, keeps an Overweight rating on Facebook shares.