The Italian found the back of the Monaco goal twice as they played out a 2-2 draw at the Stade Louis II, taking the 27-year-old's total for the campaign up to 12 from only 15 appearances.
Last season Balotelli bagged 15 goals in 23 Ligue 1 appearances, while providing one assist.
"Mario is playing a lot better than last season. This was his first start since the game against Bordeaux in mid-December, and he scored in that game too," Favre was quoted as saying by the official Ligue 1 website.
"Mario is coming back from very very far given how he has performed in recent years. He's still a work in progress. But his improvement can continue, that's great.
"It's up to him to help himself and for us to help him. He is putting in the effort, and I think he could do more in getting himself away from his markers. Mario will never be a player who'll run back 60m to defend, but that's not what we ask of him over 90 minutes."
