What happened Shares of social networking company Facebook (NASDAQ: FB) popped on Friday. The stock was up more than 4% as of 10:20 a.m. EDT. The growth stock's gain was likely driven both by better-than-expected results from social media peer Snap (NYSE: SNAP) and an upgraded 12-month price target for Facebook shares. Facebook CEO Mark Zuckerberg. Image source: Facebook. So what After market close on Thursday, Snapchat parent Snap provided an early indication of how digital advertising seems to have fared during the second quarter. The company's quarterly revenue skyrocketed 116% year over year -- a huge acceleration from the 66% growth the company saw in Q1. This suggests Facebook may also see a significant acceleration in its growth rate when the company reports its results on July 28. Also helping Facebook stock on Friday is an analyst's move to increase his 12-month price target for the stock from $400 to $480. Supporting his outperform rating for shares, Credit Suisse analyst Stephen Ju says his conversations with advertisers suggest strong levels of spending. Now what Investors will find out exactly how Facebook performed during Q2 after market close on Wednesday, when the social network reports earnings. In the first quarter, the company's revenue increased 48% year over year. Facebook CFO David Wehner said in Facebook's first-quarter earnings release that the company expected its revenue growth rate to be at Q1's level or better in Q2. 10 stocks we like better than FacebookWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Facebook wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the companies mentioned. The Motley Fool owns shares of and recommends Facebook. The Motley Fool has a disclosure policy.Source