Wells Fargo Starts Facebook (FB) at Outperform

Wells Fargo initiates coverage on Facebook (NASDAQ: FB) with a Outperform and valuation range of $37-40.

The firm comments, "We believe Facebook represents an exciting, longterm investment opportunity with several paths to continued revenue and cash flow growth. The company operates the world’s largest social network, approaching 1 billion users worldwide. We see multiple avenues for sustained revenue growth in excess of 25-35% for the coming years as advertising dollars shift to online, social ad spend garners more share, platform revenue from payment/commerce increases, and mobile monetization improves."

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

Shares of Facebook closed at $33.10 yesterday.

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