Shares of Facebook Inc FB, +1.36% rose 1.4% in premarket trading Wednesday, after Raymond James analyst Aaron Kessler became even more bullish on the social network ahead of the fourth-quarter earnings report, citing signs of solid growth leading to profit and revenue beats. Kessler raised his rating to strong buy from outperform and raised his stock price target to $270, which is 24% above Tuesday’s closing price, from $230. Kessler said based on his analysis, he believes guidance for deceleration in the mid-to-high single digit percentage range from the sequential third quarter was “conservative,” sees Facebook retaining its leadership position with its Instragram business as the biggest market share gainer in time spent, “moderating” privacy concerns could drive share price gains this year and valuation remains attractive. Facebook is scheduled to report fourth-quarter results after Wednesday’s closing bell. “According to our recent survey on 465 internet users (age 13-45), Facebook continues to be the most widely used social app (78%), followed by Instagram (73%),” Kessler wrote in a note to clients. The stock has run up 15.0% over the past three months through Tuesday, while the S&P 500 SPX, +1.01% has gained 7.9%.