With the "innovation" of Graph Search, some investors are seeing a brighter future ahead for Facebook. Bank of America Merrill Lynch has revised their target price for Facebook stock, increasing it to $35 from $31. Justin Post, an analyst for the bank, says Graph Search was "an example of Facebook's ongoing innovation to increase engagement and potential to add revenues to the platform."

Facebook's stock is actually trading down by about 0.8 percent, at the time of writing, which could be investors having some uncertainty about the Graph Search product that was introduced yesterday. Investors are likely not happy that Facebook unveiled something that couldn't be monetized immediately.

Bank of America continues to suggest buying the stock.