Cowen reiterates Outperform rating, price target $91
- reiterates as Top '15 Picks with 23-36% upside based on Firm's SOTP analysis- Firm notes that Instagram is a valuable asset for FB given its large, fast-growing and highly engaged user base that's drawing significant advertiser interest per our recent social user and ad buyer surveys.
- Firm's work yields higher confidence in their Instagram revenue estimates rising from $0.7BN to $5.8BN '15-'20.