NEW YORK (AP) - The Wall Street analysts who know Facebook best are giving the company’s stock a mixed review. Think: like, not love.
A flood of analyst reports from the banks that led Facebook’s initial public offering gave the company’s stock a mix of “Neutral” and “Buy” ratings on Wednesday. The day marks the end of a 40-day quiet period following the IPO, during which the underwriters aren’t allowed to issue ratings.
Morgan Stanley, the lead bank in the IPO, gave a $38 target price for Facebook’s stock over the next 12 months. That’s the same as the IPO price Facebook has failed to match since its first day of trading. The analyst says Facebook has long-term opportunities in mobile despite decent concerns.
Facebook’s stock slid 21 cents to $32.89 in midday trading.