UPDATE: Wedbush Securities Maintains Buy, $35 PT on Facebook Post Solid Quarter

Wedbush Securities reiterated its stance on Facebook (NASDAQ:

), maintaining its rating at Outperform with a reiterated $35 price target. Wedbush Securities commented, "We increased our FY:12 estimates for revenue to $5.02 billion from $4.96 billion and for EPS to $0.47 from $0.43 to reflect Q3 upside, a higher advertising run-rate, an additional month of payments revenue in Q4, and lower expenses. Our FY:13 estimates for revenue go to $6.37 billion from $6.07 billion and EPS go to $0.65 from $0.55 on higher advertising and lower expenses. … Our price target reflects a value of $60 per MAU at Facebook's peak MAU level with a conservative monetization assumption of $1 per MAU per month for five years." Facebook closed at $19.50 on Tuesday.