A note from Brian Wieser, an analyst at Pivotal Research, said that the reports highlighted the fact that Facebook did not make sufficient efforts to recover the leaked data that is then claimed to have helped the targeting of advertisements during the 2016 US presidential election, the website RT reported.
Stories in London's The Observer and The New York Times alleged that Facebook had suffered a "data breach", something that social media firm contested because the leak had taken place due to a feature in its software.
Nearly four years ago, a researcher collected the data using an app that requested people to take a personality test for academic research.
The app, however, also collected the data of friends of those who responded, due to the terms of service and Facebook's existing API.
Kogan later passed on the data to data research firm Cambridge Analytica, which worked for President Donald Trump’s election team.
The reports said what was handed over was information about more than 50 million people.
Wieser said: "We think this episode is another indication of systemic problems at Facebook … We see enhanced risks for the company, but no near-term tangible impact on its business."
He said Pivotal was recommending selling Facebook shares as they were likely to fall from US$185 to US$152.
"Regulators will take a tougher line on sharing data across Facebook's apps, especially including WhatsApp and the core Facebook platform," he added.