UPDATE: Topeka Capital Markets Raises PT to $36 on Facebook; Incorporates E-Commerce Option

Topeka Capital Markets reiterated its Buy rating on Facebook (NASDAQ: FB) and increased its price target from $34 to $36.

Topeka Capital Markets said, "With two of the biggest bearish concerns on Facebook's shares largely behind the company (ability to monetize mobile & lock-up expirations), we refocus on the options for Facebook, specifically e-commerce. After testing the Gifts service, we came away convinced that Facebook has a huge opportunity ahead as an e-commerce platform. We believe that the Gifts feature, when fully deployed, will resonate with Facebook's users, and retailers as well will gravitate to the platform as an additional distribution platform. Beyond that, we see the Gifts feature as the stepping-stone to a broader, formidable e-commerce platform on Facebook."

Facebook closed at $24.00 on Friday.

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