UPDATE: BMO Capital Markets Downgrades Facebook to Market Perform; Catalysts to Stock Lacking

BMO Capital Markets downgraded Facebook

from Outperform to Market Perform and maintained a $32.00 price target. BMO Capital Markets said, "We don't like moving around ratings this quickly, and we thought the quarter was perfectly fine; however, we don't yet have the thesis to raise our target into the mid- to high-$30s. Moreover, contrary to consensus, we do not think 2013 stock performance will be dictated by “mobile monetization”; rather, we think that has driven the stock's move over the past two to three months and in-line mobile results this quarter suggest that catalyst is complete (for now). For FB stock to go higher, we believe new catalysts must emerge." Facebook closed at $31.24 on Wednesday.