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Stifel on Wednesday published a note saying it has lowered its rating for Facebook shares from "Buy" to "Hold," saying political and regulatory blowback could restrict how the company operates in the long term.
"Facebook's management team has created too many adversaries -- politicians/ regulators, tech leaders, consumers, and employees -- to not experience long-term negative ramifications on its business," the firm said in a note.
The lower rating comes after a rough year in which Facebook has experienced numerous scandals, a 30-million user data breach, declining and stalling growth in key markets, an executive exodus and its worst stock performance since going public in 2012.
Stifel also published the latest results from an on-going survey of Facebook users.
The results showed 79 percent of those surveyed now believe Facebook's impact on society is neutral or negative, compared to 73 percent in survey results published by the firm in January. The survey also found that 60 percent of respondents said they rarely or never used Facebook Stories, Marketplace or video, which are some of the company's key new products.
Stifel said there is no downside to holding Facebook shares, but the firm no longer believes the company's upside is what it once was.
"We believe Facebook will struggle to return to the company that it once was or that investors expected it to be in the long run," the note reads. "We prefer Amazon, Alphabet, and Netflix, as U.S.-based mega caps with similar thematic trends and more stable operating environments."