Facebook Inc. (NASDAQ: FB) still has another three weeks or so before its official quiet period ends and the research analysts who were in the underwriting group can initiate coverage.  Still we have seen many research calls, one which went as far as to say that Facebook would be dead in about five years.

Today we do not just have a slightly positive research report.  S&P Capital IQ upgraded the stock.  Facebook lost its SELL rating to a less pessimistic HOLD rating.  Shares were trading under $27 at the time and that had finally gone under the $27.00 price target when the SELL rating had been initiated.

Facebook is down over 30% from its IPO price and is down closer to 40% from its first day peak-trading highs above $40.00.

The report is not exactly a ringing endorsement even if it is by far a ‘less-bad’ report.  There are still concerns about how the company will monetize its efforts and over how it can curb mobile use into nothing but a liability.  The report still has concerns about its internal investing expenses, its acquisition goals, over intellectual property, and over the company’s corporate governance.

The upgrade has done nothing solid for the company’s stock today.  Facebook shares hit a post-IPO low of $25.75 today and Facebook shares look set to close under $26.00 for the first time.

Keep in mind that had this been a downgrade to HOLD that it is usually still deemed as a negative. Welcome to the markets.

JON C. OGG

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