Morgan Stanley cut Facebook estimates just before IPO.

Overvalued, overhyped, and apparently somewhat corrupt. Its a new bubble.

Thomson Reuters Starmine, meanwhile, more conservatively estimates a 10.8 percent annual growth rate — almost exactly the mean for the technology sector — which would value the stock at $9.59 a share, a 72 percent discount to its IPO price.

via Reuters

In the run-up to Facebook’s $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank’s consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company.

via Insight: Morgan Stanley cut Facebook estimates just before IPO | Reuters.

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