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New Stock Coverage: Fresh Chapter for Facebook?


Wall Street ratings agencies set the tone for today's stock market.

MINYANVILLE ORIGINAL As another down day closed out a miserable May, one media report captured the market's dire mood. The latest retreat "marked the end of a rough month on Wall Street in which stocks plunged on worries about the European debt crisis, the weak euro and bets that the market advance had outpaced any economic recovery." It added that "a downgrade of Spain's debt reminded investors that Europe's economic woes continue." Hot off the press? Hardly. The article is from exactly two years ago, the flash crash era of May 2010. Yesterday concluded the single worst month in equities since then and as we've now seen this movie many times before, it was scant surprise that Netflix (NFLX) nosedived 5.79% to take its four-week tumble to 21%.) Such déjà vu had the Dow (^DJI) dropping 6.2% in May, with the euro now at a 23-month low. Meanwhile a batch of disappointing data here at home suggests anxiety isn't limited to Iberia even as Madrid's IBEX 35 Index stands at a nine-year low. It's a quiet Friday for earnings announcements but in economics, April construction spending and May's ISM manufacturing index are each out at 10:00 a.m. Eastern.

Domino's Pizza (DPZ): Goldman Sachs has a new Neutral on DPZ.

Facebook (FB): FB is a fresh Outperform at Robert W. Baird, which assigns a price objective of $37. Despite near-term headwinds from the shift to mobile and sluggish social game trends, they believe the company represents an attractive long-term investment in advertising, digital media, payments, and e-commerce.

Bank of Marin Bancorp (BMRC): Shares are begun with a Buy at Stifel Nicolaus, whose target price is $43.

Celldex Therapeutics (CLDX): The stock is initiated with a Buy at ThinkEquity.

Conn's Inc. (CONN): Piper Jaffray picks up the specialty electronics store operator at Overweight.

Crosstex Energy (XTEX): XTEX is started with a Sector Perform at RBC Capital.

Dycom (DY): DY is a new Outperform at Imperial Capital, whose target is $24.

Mattress Firm Holding (MFRM): The stock is a new Overweight at Piper Jaffray.

Nordstrom (JWN): RBC Capital resumes Outperform rated research on the upscale retailer, which also scores an upgrade this morning.

NewLink Genetics (NLNK): Shares get begun with a Buy at Canaccord Genuity.

Rexam PLC (REXMY): Deutsche Bank begins Buy rated research on the British provider of plastics and packaging for beverages.

(See also: Stock Upgrades: Clorox Cleans Up and Stock Downgrades: Kohl's Cools Off.)
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