UPDATE: Oppenheimer Raises PT to $34 on Facebook on Exchange Impact

Oppenheimer reiterated its Outperform rating on Facebook

and increased its price target from $27.00 to $34.00. Oppenheimer commented, "Raising estimates and target as a result of improving U.S. Desktop usage and the impact of the Facebook Exchange (FBX). December U.S. minutes -20% y/y, an improvement from -25% in Nov. and -26% in Oct. As a result, we believe that cannibalization from mobile usage may have slowed. In addition, sources suggest that 10% of 1Q:13 U.S. Desktop inventory should flow through FBX, with pricing 2X Marketplace. As a result, we are now assuming 2013 and 2014 U.S. Desktop revenue growth of 3% and 27% y/y. vs. -30% and +4%, previously." Facebook closed at $31.72 on Friday.