Even with a massive regulatory fine on the horizon, which prompted Facebook (FB) to write down $3 billion during the first-quarter of 2019, analysts remain bullish on the social network’s long-term prospects.

Following the company’s better-than-expected first-quarter 2019 earnings on Wednesday afternoon that beat Wall Street estimates on revenues and earnings, at least six Wall Street analysts raised their price targets for Facebook, maintaining a “Buy,” “Overweight” or “Outperform” for the stock. Wall Street’s vote of confidence comes despite a $3 billion to $5 billion fine Facebook expects to pay for potentially violating a 2011 consent agreement with the FTC, which required the social network to abide by a "comprehensive privacy program" and get the "express consent" of Facebook users before sharing their data.

UBS analysts Eric J. Sheridan, Alexandra Steiger and Alex Vegliante on Wednesday upgraded their rating on Facebook stock from “Neutral” to “Buy” and raised their price target from $170 per share to $240 per share. The three analysts pointed to Facebook’s consistent ability in recent quarters to beat Wall Street estimates on revenues and earnings, driven largely by Instagram’s revenue growth and Facebook user engagement. (Indeed, KeyBanc Capital Markets estimates 50% of Facebook’s revenues in 2019 will come from Instagram.)

“Instagram is now one of the Internet's large scaled digital ad platforms that can sustain growth and operating leverage (even as the platform transitions to Stories/Shopping) for years to come,” Sheridan, Steiger, and Vegliante wrote in their note on Wednesday. “While concerns will persist about core Facebook maturation, regulatory headwinds and/or safeguarding the platform for a privacy-first approach, we think the market now better understands many of those risks (as they dominate almost all of our investor conversations).”

An excellent ‘straightforward’ quarter

Credit Suisse analysts Stephen Ju, Nicole D’Souza, Philip Wang, Yoni Yadgaran, who maintained their “Outperform” rating on Facebook, raised their price target from $211 to $235. They welcomed a “straightforward quarter” following a “year of controversy.”

“More importantly from a product/strategic perspective, these execution wins are affording management the luxury to de-prioritize monetization of Messenger and WhatsApp to focus on privacy,” wrote Ju, D’Souza, Wang and Yadgaran in their note on Thursday. “Although management called out the potential for regulatory activity to negatively affect its ability to improve targeting, we believe what impacts Facebook will do the same for other platforms as well.”