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Canaccord Genuity Initiates Coverage on Facebook

Equity research analysts at Canaccord Genuity initiated coverage on Facebook (NASDAQ: FB) from Wednesday. The firm assigned a “buy” rating and set a price target of $60.00. The price target implies an upside potential of 23.84% over Tuesday’s closing stock price. In the research report, analyst said that the reason behind initiating coverage of FB with a “buy” rating was the belief that company’s is still in a very early stage of generating revenue from its huge user base, despite twofold jump in its stock price.

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