By Jessica Guynn
September 4, 2012, 1:45 p.m.
Facebook shares scraped a new low Tuesday.
The new drag on the already leaden stock: Analysts from two of Facebook’s largest underwriters on its botched initial public stock offering cut their price targets.
The Morgan Stanley and JPMorgan Chase analysts also reduced their revenue projections.
Shares closed down nearly 2%, or 33 cents, to $17.73 as some on Wall Street, floored that Facebook has shed $50 billion in market value in just three months, said they feared the company’s stock is nowhere near bottom.
Scott Devitt, an analyst with Morgan Stanley, Facebook’s lead underwriter, cut his price target on the Menlo Park, Calif., social networking giant for the next 12 months to $32 from $38. He also warned that shares could fall as low as $17.
Doug Anmuth, an analyst with JPMorgan Chase, cut his price target even more drastically, to $30 from $45.
Facebook’s stock was already under pressure, closing at an all-time low of $18.06 on Friday after two other analysts from underwriters cut their price targets.
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