This longitudinal study examined the role of perceived racial/ethnic discrimination and public ethnic regard on depressive symptoms in an adolescent Latino sample (n = 141) living in an emerging immigrant community. Using a cross lagged model, this study found that Time 1 (T1) discrimination did not predict T2 depressive symptoms, nor did depressive symptoms predict T2 discrimination. However, public ethnic regard served as a significant moderator of the longitudinal association of discrimination. For youth who reported high public ethnic regard and high racial/ethnic discrimination at T1, they reported greater discrimination at T2 compared to those who reported low public ethnic regard. These findings suggest that an internalized positive perception of the public's view of one's ethnic group is a potential vulnerability factor that needs to be better understood. These findings imply the need for additional research on the unique role of public ethnic regard in emerging immigrant communities.