UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Facebook

In a report published Wednesday, Morgan Stanley reiterated its Overweight rating on Facebook

, and slightly raised its price target from $31.00 to $32.00. Morgan Stanley noted, “Facebook is making strong progress in mobile monetization, and has introduced new revenue-generating products such as a real-time bidding exchange and gifts. We boost our long-term revenue and earnings estimates, raise our PT to $32, and reiterate OW.” Facebook closed on Monday at $26.62.