Cantor Fitzgerald Reiterates Buy Rating, $33 PT on Facebook

In a report published Wednesday, Cantor Fitzgerald reiterated its Buy rating and $33.00 price target on Facebook

. Cantor Fitzgerald noted, “We maintain a BUY rating on Facebook and continue to believe it is a long-term winner within our group, after the company unveiled yesterday (to much fanfare at its Menlo Park headquarters) the beta launch of a social search function coined Graph Search. While this is not a Web search product a la Google, this service will leverage the incredible amount of unstructured social data the company has to extract answers to questions about people, photos, places, and interests. We believe this could be Facebook's next billion dollar opportunity, greatly expanding the company's addressable market. That said, we do not see this as a major threat to Google, at least not in its current form.” Facebook closed on Tuesday at $30.10.