Wedbush analyst Shyam Patil came out today with a few insights on Facebook Inc. (NASDAQ:FB), as the company is scheduled to report its fourth-quarter earnings results tomorrow, January 28 after the close. The analyst rates the stock an Outperform with a $90 price target, which represents a potential upside of 19% from where the stock is currently trading.

Patil noted, “We expect Facebook to report a strong 4Q, given positive feedback from our checks. We would note that sentiment around Facebook’s stock appears neutral-ish, as suggested by the ~4% decline in shares since the last earnings report and -0.5% decline YTD, and the stock does not appear to be pricing in lofty expectations, as it has in previous quarters.”

The analyst continued, “FX appears to be a concern this quarter, however, we are not changing our estimates as our checks suggest Facebook should likely grow through the ~4% y/y and q/q FX headwind, though currency could dampen the magnitude of upside potential (note that the FX headwind in 1Q15 appears somewhat greater at ~7% y/y). We continue to believe the company has multiple catalysts ahead, including video ads, off-network (via Atlas, FAN and LiveRail), Instagram monetization, and WhatsApp.”