UPDATE: Bernstein Upgrades Facebook to Outperform

Bernstein's Carlos Kirjner upgraded Facebook

from Market Perform to Outperform and raised the price target from $23 to $33. The analyst believes the company is likely to beat the Street's sales estimates over the next year or two, citing continued monetization of its Newsfeed inventory. This monetization will support growth until the end of 2014. Kirjner warned Facebook is a risky investment as it depends on the long-term success of the unproven social advertising platform.