Shares of Facebook (FB: 32.62, -1.41, -4.14%) took another tumble on Tuesday morning as word spread that the company’s lead underwriter slashed its revenue target during the social-networking heavyweight's IPO road show.
The latest slide gives further fuel to critics who believed Facebook’s initial public offering overvalued -- and overhyped -- the company.
According to Reuters, lead underwriter Morgan Stanley’s (MS: 13.64, +0.45, +3.41%) consumer Internet analyst told major clients he was reducing his second quarter and 2012 revenue forecasts during the run-up to Facebook’s $16 billion IPO.
