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The Boston Globe

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Facebook shares recover somewhat

EW YORK — Facebook’s stock has regained some of its losses, jumping $1.41, or 5 percent, to close Thursday at $29.60. That was after three consecutive days of declines. The stock is still down 22 percent since its highly anticipated initial public offering two weeks ago.

Facebook Inc. began trading on the Nasdaq Stock Market May 18.

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The company, along with the investment banks that led the IPO, is the subject of at least two shareholder lawsuits. They allege analysts at the large underwriting investment banks cut their financial forecasts for Facebook just before the IPO and told only a handful of clients. Facebook calls the lawsuits ‘‘without merit.’’

Standard & Poor’s analyst Scott Kessler cut his target price to $27 from $30 on Thursday and lowered his earnings forecast to 39 cents from 40 cents for 2012.

Associated Press

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