UPDATE: Cantor Fitzgerald Initiates Coverage on Facebook with Buy Rating, $26 PT

In a report published Friday, Cantor Fitzgerald initiated coverage on Facebook

with a Buy rating and $26.00 price target. Cantor Fitzgerald noted, “We're initiating coverage of Facebook with a BUY rating and $26 target. Facebook has become the foundation of the social Web, leveraging The Social Graph to build the largest online network and generate significant value for users/developers/advertisers. Facebook is still in its early phase of monetization, and despite its enormous reach, time spent, targeting capabilities and social context, it accounts for only ~6% of global online ad spending, by our estimate. We're positive on the stock long-term despite a botched IPO and a massive lock-up expiration that's likely to keep a lid on FB short-term.” Facebook closed on Thursday at $21.87.