UPDATE: Canaccord Genuity Initiates Coverage on Facebook in Early Stages of Monetizing the User Base

In a report published Wednesday, Canaccord Genuity analyst Michael Graham initiated coverage on Facebook FB with a Buy rating and $60.00 price target. In the report, Canaccord Genuity noted, “We initiate coverage of Facebook with a BUY recommendation and $60 price target. Despite the stock price's recent doubling, we believe the company is very early in generating revenue from its enormous user base. While the path higher may not be linear, we expect Facebook's reach, robust network effects, vast self-disclosed user data, and product innovation will increasingly make it a high-priority target destination for many marketers.” Facebook closed on Tuesday at $48.45.