UPDATE: Sterne Agee Starts Facebook (FB) at Buy

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(Updated - May 7, 2012 10:07 AM EDT)

An analyst at Sterne Agee initiated coverage on Facebook (Nasdaq: FB) shares with a Buy rating and $46 price target on Monday.

Citing the company's "highly engaged audience" which includes about 530 million active users per day, the analyst believes Facebook can triple both sales and EBITDA over the next four or five years. Sterne Agee uses a 25 percent CAGR for sales over 2011-2016, based on 12 percent growth in monthly average users and higher average revenue per user.

For an analyst ratings summary and ratings history on Facebook click here. For more ratings news on Facebook click here.

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