UPDATE: Oppenheimer Maintains Facebook at Outperform, Reiterates $41 PT

In a report published Monday, Oppenheimer Holdings maintained its rating on Facebook

to Outperform, and reiterated its $41.00 price target. Oppenheimer noted, “We expect Facebook to report a slowdown in 2Q results after the close on Thursday, reflecting the shift from desktop to mobile usage, but in line with underwriters' estimates. We expect US advertising will slow to 7% y/y growth from 27% in 1Q, with Int'l slowing to 32% growth from 48%, based on our analysis of desktop usage. The wild card is mobile, as we are not assuming the company is seeing ad revenues from new formats. However, we believe investor sentiment remains negative on the shares, with the stock reacting negatively to a recent comScore data release. For 2012, we estimate revenues in line with underwriters' and 1% below consensus.” Facebook closed on Friday at $28.76.