Morgan Stanley price target cut drags on Facebook
ASSOCIATED PRESS September 4, 2012 4:40PM
Facebook’s stock touched another low point on Tuesday after an analyst for the bank that orchestrated its initial public offering cut his target price to $32 from $38. The latter was Facebook’s IPO price, the one it hasn’t hit since its first day of trading on May 18.
Morgan Stanley analyst Scott Devitt still has an “Overweight” rating on Facebook stock. Doug Anmuth, analyst at JPMorgan, which was another large underwriter of the offering, also cut his target price, to $30 from $45. And he kept an “Overweight” rating.
Devitt says Facebook is starting to make money from mobile ads.
Facebook’s stock fell to $17.55 in Tuesday trading, its lowest point ever, and closed down 33 cents at $17.73