MS says FB is worth IPO price... but will have to wait 12 mos!!

Today marks twhen Facebook underwriters can publish research reports, ratings and price targets on the stock.  About 10 different underwriters published their rating on FB today.  The lead underwriter who priced the deal at $38, Morgan Stanley, published a $38 price target.  These price targets are 12 month future estimates.  So effectively, MS is saying that in 1 year from now, the stock will be worth where they eventually sold it to investors in the IPO.  Incredible!!     

Let me know if you want to see a copy of the report.  Not sure how to attach it to this blog.  Its 90 pages.

1 bullish data point they cite:

Long-term mobile opportunity: Despite recent

concerns about mobile, we strongly believe that the

monetization gap that closed on desktop Internet will

ultimately close on mobile Internet, at which time

Facebook’s focus on user utility may appear prescient.

We look for Facebook to capture around one point of

incremental share of the global online ad market each

year, and expect smaller social sites to cede some

revenue to Facebook, implying that Facebook may

capture around 70% of social ad spending by C2015E,

or just over 20% of total worldwide display spending.