UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Facebook

In a report published Wednesday, Jefferies & Company reiterated its Buy rating on Facebook

, and raised its price target from $30.00 to $32.00. Jefferies noted, “We reaffirm Buy as revenue and EPS edged expectations in a solid 3Q, despite a $52MM FX headwind. The qtr saw weakness in Payments & Other, no change from 2Q. But the real story is the ad business, which beat our ests despite having ~11 new products like Offers remaining in nascent stages. Mobile progress is also impressive, already accounting for 14% of ad rev. We are raising our PT to $32 as we take up our out-year ad rev ests.” Facebook closed on Tuesday at $19.50.