Shares of Facebook Inc. are up 1.4% in premarket trading after BTIG analyst Richard Greenfield raised his price target to $275 from $175. Greenfield is one of two analysts with a $275 price target, the highest listed on FactSet. Greenfield is particularly upbeat about Instagram, which recently launched a new YouTube-like product called IGTV. Instagram Stories, meanwhile now has 400 million daily active users, twice what Snap Inc.'s Snapchat has. "Worth noting that Facebook, since its earliest days as a public company, has talked about the goal of ads becoming content, which has actually happened on Instagram - everyone loves the ads, allowing for greater ad load and higher CPMs," Greenfield wrote. He's also optimistic about the core Facebook product, writing that young users don't seem to be shunning the platform as much as some may believe. Facebook's stock has gained 28% over the past 12 months, while the S&P 500 has gained 12%.