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Morgan Stanley cut Facebook estimates just before IPO
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. The sudden caution very close to Facebook’s initial public offering – while an investor road show was under way – was a big shock to some, said two investors who were advised of the revised forecast. Read Article
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