This could send Facebook to new highs: Analyst

With Twitter's earnings report out of the way, attention now shifts to Facebook, which is due to report second quarter results on Wednesday after the bell. Neil Doshi of Mizuho Securities USA says Wall Street expectations are high, and he points to three metrics that could help send Facebook surging above $100 per share to new all-time highs.

Facebook shares are up more than 20 percent this year, far outpacing the broader technology sector and handily outperforming peers in the social media space like Twitter and LinkedIn.

Doshi, who has a "buy" rating and $104 price target on the stock, said one of his main focuses for the quarter will be Facebook's ad revenue generated from mobile.

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"Total revenue should be about $3.7 billion, but ad revenue for mobile should be about $2.8 billion," Doshi told CNBC's "Fast Money." The analyst said he was looking for mobile ad revenue growth of about 66 percent versus last year, with mobile making up around 74 percent of total advertising revenue.

Next, Doshi said he'd be focusing on Facebook's operating margin, which he pegged at about 53 percent for the quarter.

Lastly, Doshi said to look out for any commentary on Facebook's video progress. "Facebook had about 4 billion video views per day last quarter," he said. For the current quarter, Doshi said he expected that number to grow to 5 billion views per day.

Part of his bullish thesis regarding video views can be attributed to previous earnings releases from other Internet juggernauts.

"Google and Yahoo indicated strength in video advertising" in their respective reports, he said. "We think this could be a positive indicator."

Apart from the three key metrics, Doshi wrote in a research note that he'd be looking for guidance on Instagram advertising progress as well as Messenger and WhatsApp monetization plans.

If Facebook hits his primary targets, Doshi said, the stock could be on track to break out to new highs.

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