That would imply the IPO was more than 50% overvalued.
The stock is at $27.13, down another 2.13%.
From Deal Journal, who also get the hat-tip on the immediately prior MF Global link:
Bernstein has delivered a new blow to Facebook this morning: A $25 price target.
Facebook shares, two weeks into their life as the most heavily-traded IPO of all time, face a “material risk” because investors will question the company’s ability to meet 2013 forecasts, Bernstein says.
“Therefore, it is difficult to argue for owning the stock today,” the firm adds to its underweight rating....MORE