“When you hear concerns about ‘brand transitions’ to mobile, it raises questions about whether General Motors wasn’t alone in slashing its Facebook advertising budget,” Cramer said.
Also of interest was concern about privacy issues, or how much user data Facebook will be able to share with advertisers before it alienates customers or raises government scrutiny.
On the high end of the spectrum, JPMorgan gave Facebook a $45 price target — but that’s for the end of 2013.
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“Given that this is supposed to be one of the fastest growing companies on earth, I don’t know if it’s worth hanging around for a 40 percent gain in 18 months,” Cramer said. “That’s not so exciting to me considering the risks here.”
Meanwhile, Goldman Sachs set a price target of $43 in 12 months, even as it downplayed concerns about “Facebook fatigue.”
“Given that I didn’t even know there were any worries about fatigue, I found that comment disconcerting,” Cramer said.
Also, both JPMorgan and Goldman Sachs did not foresee robust mobile ad revenues ahead.
Citigroup, which set a price target of $35 per share, pointed out another concern: Facebook’s dual-class ownership structure.
That, Cramer said, “raises issues about shareholder friendliness, as well as limited appeal to advertisers, unclear mobile monetization and worries about the enormous pending lock-up expiration.”
The bottom line, he added, was that all the recent Wall Street research shows that analysts are not looking to “pander to Facebook,” which he said was a good thing.
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