[Reuters] Insight: Morgan Stanley cut Facebook estimates just before IPO

Posted by: UGN Security

[Reuters] Insight: Morgan Stanley cut Facebook estimates just before IPO - 05/22/12 12:26 AM

(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.