Deutsche Bank analyst Lloyd Walmsley raised his price target for Facebook (FB) to $230 from $220 and keeps a Buy rating on the shares.

The social media giant closed yesterday down $1.18 to $187.66.

The analyst expects Facebook's sales growth to re-accelerate to 27% excluding currency in Q4 from 25.5% in Q3. Walmsley highlights the company's easing comps, improving checks around the Stories ad unit performance and pricing, and his belief that Instagram Checkout can expand beyond the initial beta partners and drive more ad spend this holiday period.

He continues to view Facebook as his top pick in the mega-cap Internet, "with several levers for the shares to move higher over the near and medium term." Walmsley recommends adding to positions here ahead of the Q2 earnings preview season.