As investors have pushed Facebook Inc. stock into correction territory, financial analysts are largely united about the social networks, modeling modest double-digit returns amid a data controversy that appears to have mobilized lawmakers in Europe and the U.S.

While two analysts cut price targets after the scandal involving improper use of Facebook member data, 39 of the 44 Wall Street analysts covering Facebook remain optimistic about the company’s stock, predicting 35% upside on average, according to FactSet.

Facebook stock FB, +0.74% was down 5% in afternoon trading Tuesday, and nearly 12% since it opened Monday after reports of misused data at political consultant Cambridge Analytica. The S&P 500 index SPX, -0.18% is down 1.4% in the same period.

In a note to clients Monday, Raymond James analyst Aaron Kessler wrote that at this point it isn’t clear what, if any regulatory action will be taken by the U.S. or Europe, and that share prices already reflect much of the concern.

“We would note that we do not believe past regulatory concerns have impacted Facebook user engagement or advertising, though we will continue to monitor the situation,” he wrote. Kessler has a buy rating on Facebook with a $230 price target.

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Advertisers refusing to back out of their commitments was one of the reasons SunTrust Robinson Humphrey analyst Youssef Squali wrote that he would maintain his buy rating on the stock. Calling Facebook one of the “best performing platforms at scale for marketers” Squali wrote that there weren’t alternatives available.

Even after a broad tech stock selloff Tuesday, rival Twitter Inc.’s TWTR, +4.40% stock has gained nearly 30% this year and Snap is up about 8%. After posting its first profitable quarter, Twitter may be in a position to grow, largely through turning its sizable data trove into cash.

The biggest question for many analysts was how Facebook members will react, and the extent to which they could demand more control of over their data, how its used and how Facebook gathers it.

“This would be reflected in lower user growth and engagement, two metrics already likely to be negatively impacted by changes in the newsfeed, and in higher expenses/lower margins as the company invests heavily to clean up content and ad quality,” Squali wrote.

Goldman Sachs analyst Heath Terry does not see that happening, however.

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“For most people, this is a utility,” Terry told CNBC in an interview Tuesday. “This is something they get a lot of value out of or they wouldn’t be spending the amount of time that they do. And I think for most people, the utility far outweighs these issues.”

Since the news broke over the weekend, two analysts have reduced their target prices and one has increased a target, according to FactSet. Overall, 39 of 44 Wall Street analysts tracking the stock have a but rating or equivalent on Facebook shares, with only two sell ratings listed. The average target price among the analysts is $223.07, 34.6% higher than Monday’s closing price.

Wall Street still likes Facebook, even as data controversy batters stock