Wedbush Reiterates Outperform Rating, $44 PT for Facebook
In a report published earlier today, Wedbush Securities Inc. reiterated its Outperform rating and $44.00 price target for Facebook, Inc. (NASDAQ: FB).
Wedbush went on to say “Underwriter support likely kept Facebook shares trading at or above the offering price. We believe a substantial increase in the offering size caused supply to exceed demand. On Wednesday, the underwriters increased the offering to 421 million shares (180 million from Facebook and 241 million from selling stockholders, with 63 million more in over-allotment option) from 337 million shares (180 million and 157 million, with 51 million more in the over-allotment option). Shares outstanding total 2,138 million (633 million Class A, 1,505 million Class B).”
Facebook, Inc. closed on Friday at $38.23.
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