UPDATE: Morgan Stanley Reiterates On Facebook On Strong Instagram Potential

In a report published Thursday, Morgan Stanley analyst Benjamin Swinburne reiterated an Overweight rating on Facebook Inc FB, but removed the $90.00 price target. In the report, Morgan Stanley noted, “At 300m MAUs, Instagram is still in its early innings, in our view. We believe Instagram will increasingly become an important asset for Facebook as digital budgets shift to branding given the platform's premium content. Though a small revenue driver, we estimate Instagram reaching $4bn in 4 years.” Facebook closed on Wednesday at $76.18.