UPDATE: Oppenheimer Initiates Facebook with Outperform, $41 PT

Oppenheimer initiates its coverage on Facebook

with an Outperform rating and a price target of $41. Oppenheimer comments, "Facebook is the world's largest social networking website, with 901 million monthly active users worldwide, or 35% global penetration. As users upload more personal information, this increases FB's competitive position. With the fragmentation of media and communication, we believe consumers will increasingly find media and information through their social graph, positioning FB in the middle of this information exchange. Furthermore, the proliferation of smart devices is increasing internet usage and the shift to 4G will improve mobile advertising monetization, in our view. We forecast 2011-2018 revenue, EBITDA and non-GAAP EPS growth of 30%, 31%, and 32%, respectively." FB closed at $33.10 on Tuesday.