承銷行週三將公佈Facebook研究報告

Facebook Inc. is likely to get a bunch of new friends on Wall Street on Wednesday, when about two dozen analysts will be free to chime in publicly on its prospects.

本週三，二十餘名分析師將自由表達對Facebook Inc.公司前景的預期，Facebook很可能因此吸引到一些華爾街的新朋友。

On Tuesday, a 40-day quiet period will conclude for analysts at banks that were underwriters of Facebook's initial public offering, including lead underwriters Morgan Stanley, J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. The analysts are expected to publish their initial research early on Wednesday, people at the firms said.

Facebook首次公開募股(IPO)承銷行分析師爲期40天的靜默期將於本週二結束。這些承銷行包括摩根士丹利(Morgan Stanley)、摩根大通(J.P. Morgan Chase)和高盛集團(Goldman Sachs Group Inc.)。上述公司的人士說，預計分析師將在週三上午公佈他們的首份研究報告。

Major Wall Street firms are barred for a period from putting out analyst reports on stocks they underwrite partly to keep a lid on hype that can surround hot IPOs. Other smaller banks involved in an IPO typically agree to adhere to the delay.

華爾街的大型公司在一段固定期限內不得公佈分析師對該公司承銷股票的報告，部分原因是爲了限制對熱門IPO的炒作。其他參與IPO的小型銀行一般也會同意推遲發佈報告。

When reports do come out, they can provide a booster shot for shares. The day the analyst reports from underwriters came out for LinkedIn Corp. last year, LinkedIn shares surged 12% as the Standard & Poor's 500-stock index rose 1.3%.

AP本週三，二十餘名分析師將自由表達對Facebook Inc.公司前景的預期，Facebook很可能因此吸引到一些華爾街的新朋友。而報告發布的時點往往會成爲股價上漲的良機。去年LinkedIn Corp.公司的承銷商分析師發佈報告那天，LinkedIn的股價漲了12%，相比之下，標準普爾500指數(Standard & Poor's 500-stock index)則僅上升了1.3%。

For nearly 700 U.S.-listed company IPOs from 2006 to 2011, analysts initiating research after 40 days placed an average "hold" or "buy" rating on the stock, according to Ipreo Inc., a research from capital markets data and advisory firm. Of seven IPOs that had initial average analyst ratings of "sell," the companies' shares had rallied sharply after the IPO, which analysts said made the stocks overvalued, Ipreo said.

資本市場數據研究機構、諮詢公司Ipreo的數據顯示，對於在2006到2011年間在美國上市的接近700家公司而言，分析師一般會在40天的靜默期結束後對股票給出“持有”或“買入”的評級。Ipreo說，有七家公司獲得的分析師最初評級爲“賣出”，這些公司的股價在IPO之後迅速走高，分析師認爲這導致了股價被高估。

Analysts not affiliated with the Facebook IPO have pointed to a series of developments since the social-networking company's market debut that could help support a positive outlook. In early June, Facebook announced it was expanding advertising opportunities on its mobile app, a move expected to boost revenue. Also this month, some big-name advertisers said they found value in Facebook advertising. Facebook also said it began placing messages from advertisers on game site Zynga Inc.

沒有參與Facebook IPO的分析師已經指出了一系列在這家社交網絡公司上市後出現的能夠支持樂觀前景的動向。Facebook在6月初宣佈，該公司正在增加移動應用程序的廣告機會，預計此舉將提升公司營收。一些知名公司也在本月表示，他們發現在Facebook上投放廣告頗具價值。Facebook也說，已經開始將商家的廣告投放到Zynga Inc.的遊戲上。

Brian Nowak, an analyst at Nomura Securities Co., which wasn't a Facebook underwriter, published a note last week with a $40 target. "There are signs that the company is improving its focus on monetization, including talking to ad agencies and working with advertisers," he said in an interview.

野村證券(Nomura Securities Co.)的分析師諾瓦克(Brian Nowak)上週發佈了一份報告，他在報告中預計Facebook的股價將上漲到40美元。他在接受採訪時說，有跡象表明，Facebook正在增加對盈利方案的關注，包括與廣告公司的會談，以及與廣告商的合作。野村證券不是Facebook IPO的承銷商。

Facebook shares are lower since their debut, making it easier for analysts to be bullish. In the first weeks after the May 18 offering, the stock declined as much as 32% from its offer price of $38, to around $26. But in the past few weeks, the stock has made up significant ground, possibly in anticipation of the research reports. On Monday, shares closed down 3%, or 99 cents, to $32.06.

Facebook目前的股價已經低於發行價，分析師因而更容易做出樂觀的估計。在5月18日上市後的頭幾周，這隻股票與發行價相比已經下跌了32%，一度跌至26美元附近。但是在過去的幾個星期，這隻股票收復了大部分失地，這大概是由於研究報告即將出爐的緣故。週一，Facebook股票收跌0.99美元，跌幅3%，收盤價爲32.06美元。

Some market observers say underwriting bank analysts' price targets on the stock likely will be at or above the offer price to give credence to banks' and Facebook's decision to sell shares at $38.

一些市場觀察人士說，承銷行的分析師對這隻股票的價格預測很可能高於發行價，或與發行價持平，以表明銀行和Facebook將發行價定在38美元是合理的。

The average price target for Facebook among analysts who have rated the stock thus far is $37.80, according to FactSet.

據FactSet的數據，目前已經對股票做出評級的分析師對Facebook股價預期的平均值是37.80美元