Bernstein Starts Facebook (FB) at Underperform

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Bernstein initiates coverage on Facebook (NASDAQ: FB) with a Underperform rating and $25 price target, citing uncertainty.

The firm said there are questions on the company's ability to achieve 2013 forecasted revenues as growth decelerates. They also said the market is unlikely to have clarity over the next few quarters on the impact of new opportunities and the effectiveness of social advertising.

For an analyst ratings summary and ratings history on Facebook click here. For more ratings news on Facebook click here.

Shares of Facebook closed at $27.72 yesterday, with a 52 week range of $26.83-$42.99.

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