UPDATE: FBR Initiates Outperform On Facebook As Traction Gains With Marketers

In a report published Wednesday, FBR analyst William Bird initiated an Outperform rating on Facebook

and initiated a price target of $60.00. In the report, FBR says "We are initiating coverage of Facebook, Inc. (FB) with an Outperform rating and a 12-month price target of $60 per share. FB is an investment in a large-scale datarich platform run by a group of highly innovative people who are likely to continually develop more ideas for improving engagement and monetizing it. While no one really knows how big Facebook can be, we believe it has significant greenfield opportunity in front of it, it is gaining traction with marketers, and its pricing is inflecting. We believe this provides a likely positive backdrop for near-term stock outperformance." Facebook closed on Wednesday at $46.43.