Shares of Facebook (Nasdaq: FB), the No. 1 social network, rose in late Thursday trading after they set a new low of $26.83.

In the last hour of trading, Facebook rose 31 cents to $28.50 on volume exceeding 51 million shares. They closed Wednesday at $28.19.

Earlier, the Menlo Park, Calif-based website won two separate buy recommendations from Wall Street banks that didn't participate in its $16 billion initial public offering two weeks ago.

At Wedbush, analyst Martin Pachter rated the Menlo Park, Calif., company outperform with a 12-month target of $44. He said Facebook's long-term revenue growth will be dramatic. Topeka Capital's Victor Anthony issued a buy call with a $40 target.

As well, reports said James Gorman, CEO of Morgan Stanley (NYSE: MS), lead underwriter of the IPO, was scheduled to appear on CNBC Thursday to defend the IPO from claims Morgan Stanley had mismanaged its May 18 public debut.

Shares of Morgan Stanley rose 22 cents to $13.31.