"Given we believe Stories ad unit pricing is still 20-50% lower than Newsfeed...further improved Stories monetization could bring a double-barreled benefit to ad revenue growth (i.e. impression growth and pricing/performance improvement) if FB can improve ad efficacy." The bank's analysts also expressed excitement about Facebook's future products and services. "We are particularly bullish about the Instagram commerce...as we believe Instagram's "browsing and inspirational" behavior is suited to lead to e-commerce transactions and ad monetization."