Facebook (Nasdaq: FB), the No. 1 social networking site, got a surge in its share price Tuesday because many of the 33 underwriters of its $16 billion initial public offering on May 17 will be free to publish stock recommendations.

Shares of the Mountain View, Calif., company rose more than 4 percent  by afternoon, reaching a high of $33.44 before closing up $1.04, or 3.2 percent, at $33.10  despite member complaints about new Facebook email address policies implemented on Monday.

Lead underwriter Morgan Stanley (NYSE: MS) as well as co-leaders Goldman Sachs (NYSE: GS) and JPMorgan Chase (NYSE: JPM) are expected to publish analyst recommendations, most likely urging clients to buy Facebook shares.

By the close on Tuesday, none of the firms had published any new recommendations but they might be expected Wednesday, especially because the second quarter is about to close.

Already, 13 analysts with non-underwriters have published recommendations, including 3 "strong buys," 4 "buys" and 5 "holds." Only one analyst told clients to sell the shares.

Facebook shares were priced at $38 by the underwriters group. They've fallen as low as $25.52. The company's market value has fallen to $70.7 billion from $104 billion.

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