UPDATE: SunTrust Initiates Facebook at Buy on Scale and Reach

In a report published on Monday, SunTrust analyst Robert S. Peck initiated coverage on Facebook FB with a Buy rating and a $32 price target.

In the report, SunTrust stated, "Facebook reaches over 1.1b unique visitors every month and over 660m unique visitors every day! The scale and reach of the company is unprecedented and provides unique optionality that few others can match. We identify ~$7b of potential incremental revenue, exemplary of Facebook's unique optionality."

Facebook closed on Monday at $26.28.