Buy the Facebook dip, market misunderstanding cautious outlook, says Evercore

David Wehner, CFO at Facebook.
Harriet Taylor | CNBC

Evercore ISI told clients the market reaction to comments from Facebook's chief financial officer, David Wehner, on the earnings call may have been misunderstood, so investors should use the pullback as a buying opportunity.

"We expect revenue growth rates will decline as we lap strong quarters," Wehner said during the earnings conference call. He also cautioned that the social media giant's ad load could be "meaningfully lower," and reiterated that 2017 will be an "aggressive investment year."

Those remarks, however, "mimic" the tone Wehner used during the previous quarter, according to Evercore ISI.

"We believe this quarter's commentary was meant to reiterate prior quarter remarks, as opposed to signaling additional conservatism, something our follow-up conversation with management seemed to support," wrote analyst Ken Sena in a note.