UPDATE: FBR Capital Markets Initiates Coverage on Facebook with Outperform Rating, $60 PT as Stock is Hitting its Stride

In a report published Thursday, FBR Capital Markets analyst William Bird initiated coverage on

with an Outperform rating and $60.00 price target. In the report, FBR Capital Markets noted, “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 data-rich 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 $46.36.