Pivotal Research analyst Brian Wieser downgraded Facebook (FB) to Hold saying that while the company reported “another very good quarter” last night, spending in 2017 will weigh on the valuation.

Facebook’s guidance on expense growth and capital expenditures for 2017 was higher than expected, Wieser tells investors in a post-earnings research note. He cut his price target for the shares to $135 from $147.

Facebook in pre-market trading is up 1%, or $1.35, to $134.58.