Facebook’s price target was raised from $170 to $175 by Mark Mahaney at RBC Capital Markets. Keep in mind he’s one of the best internet analysts in the world, and has the track record to back it up. He’s forecasting revenue growth of 40% y/y (incl. currency impact), and non-GAAP EPS growth of 38% y/y, despite some non-GAAP operating margin deceleration due to investment into headcount, technology development, content acquisition and so forth.He stresses engagement, and MAU acceleration which is diminishing near-term concerns over new user acquisitions. While various competing social networks do exist, it’s worth noting that none are as central to the core use function as Facebook or offer as deep a pool of other accounts to connect with.Mark Mahaney believes engagement, monetization and product synergies will drive upside to revenue estimates: Quarter Keys: 1. More Friends – MAUs up an accelerating 17% Y/Y (fastest growth since Q3:13….um, that’s over 3 years ago) to 1.86B. 2. More Friendliness – DAU/MAU ratio (engagement measure) at 65.9%, up 77 bps Y/Y. 3. Rising Monetization – ARPU up 30% Y/Y to $4.83. We are more positive. FB is pursuing a Tab Strategy – one for Marketplace a la eBay and one for Video a la YouTube. May work, may not. But the upside is potentially dramatic and the downside is limited. In the meantime, Core FB is growing extremely well, with almost unprecedented Ad Revenue growth consistency. More important, we believe that’s FB’s current low market shares – 15% of Global Online Advertising & 5% of Global Total Advertising – will help it maintain premium growth for a long time.He highlights the most important points coming out of the quarter. Without user deceleration, perhaps less severe FX impact, and sustained ad-monetization growth, perhaps we should remain a little more optimistic on Facebook’s growth trajectory than what management is willing to indicate.