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"We are changing our rating primarily because of the lack of visibility around Facebook's opportunity in Social TV advertising," wrote Salmon, who noted that Facebook highlighted the number of its users during primetime TV hours last quarter but did not in the recent report.
"We believe the opportunity for the first two catalysts has largely been reflected in the stock as it has moved to the $50 level," he wrote. "To go to the high $50s, we feel a new story is needed to support the multiple." Facebook shares were trading down 3% to $47.66 in early trades Thursday.