Wednesday marks the end of the 40-day quiet period, which means that the IPO underwriters are now initiating coverage of the social networker, prompting a slew of research notes . J.P. Morgan, for example, initiated coverage of the social networker with an overweight rating and a year-end 2013 price target of $45. Goldman Sachs initiated its Facebook coverage with a buy rating and a $42, 12-month price target.
Citigroup, however, kicked off its Facebook coverage with a neutral rating and a $35 rating.
Facebook was also one of the most active Nasdaq stocks in premarket trading on share volume of 594,229.Shares of the Menlo Park, Calif.-based firm closed up 3.24% during Tuesday's trading. Telecommunications equipment provider Ericsson (ERIC) was a gainer in premarket trading, rising 0.35% to $8.66. The Swedish company was the most active pre-arket stock on heavy share volume of 1.5 million. Social media specialist Zynga (ZNGA) crept up 0.43% to $5.79, rebounding slightly after shares plummeted almost 5% during Tuesday's trading. Investors were unimpressed by the company's announcement of new games and a new social network at its "Unleashed" event on Tuesday. --Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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