Piper Jaffray analyst Gene Munster raised his price target for Facebook (FB) shares to $185 saying the company's revenue growth reacceleration in Q2 proves the strength of its core business and portfolio.

Revenue topped expectations due to "solid demand" from advertisers as well as an increase in users, time spent and ad load, Munster tells investors in a post-earnings research note. He says his thesis on the stock, centering around a strong core business, Instagram ramping and optionality in other produces, remains intact. Munster reiterates an Overweight rating on Facebook. The stock is up 5%, or $5.94, to $129.28 in pre-market trading.