UPDATE: Topeka Capital Markets Reiterates Buy Rating, Raises PT on Facebook on Increased Estimates

In a report published Monday, Topeka Capital Markets analyst Victor Anthony reiterated a Buy rating on Facebook FB, and raised the price target from $47.00 to $60.00. In the report, Topeka Capital Markets noted, “We are increasing our 3Q13 revenues, Adj. EBITDA, and Adj. EPS estimates to above consensus due to strong ad trends in the quarter. We have also incorporated our Instagram estimates into our model. Our price target increases to $60 from $47. We maintain our Buy rating as checks continue to show strong advertiser demand for Facebook's platform. Further checks with teens show that they continue to engage Facebook while splitting time with other platforms.” Facebook closed on Friday at $51.04.