UPDATE: Goldman Sachs Lowers PT to $35, Reiterates Buy on Facebook

Goldman Sachs maintained its Buy rating on Facebook

and lowered its price target from $37 to $35 following a solid quarter. Goldman Sachs said, "With 3Q12 mobile sales growth estimated at 600% qoq to $153mn, we believe fears over FB's ability to profit from mobile will subside. As we expect the $4mn per day 3Q12 Sponsored Story run rate will continue to ramp in 4Q12, we are forecasting sales from these to come in at around $430mn, at the midpoint of our sensitivity analysis. Assuming the same 25%/75% desktop/mobile split, this would equate to qoq mobile sales growth of 115%. In 2013, if Sponsored Stories come in at the low end of our sensitivity range of $1.9bn it would represent growth of 180% yoy, versus right hand rail of $3.79bn, or +2% yoy growth." Facebook closed at $19.50 on Tuesday.