Facebook gets bleak outlook
Wednesday, June 27, 2012 1:40 PM
The majority of research firms that started analyzing Facebook Inc. stock today don't expect shares to rise above the initial public offering (IPO) price of $38 this year.
Only JPMorgan Chase & Co. projected that the company would rise above the IPO price, with an estimate of $45.
In its May debut, Facebook was anticipated to have one of the biggest IPOs of all time for a tech company. But shortly after Facebook started trading, Morgan Stanley downgraded the stock, causing it to drop by almost 20 percent.