The sentiment on Wall Street following Facebook’s fourth-quarter earnings call Wednesday was more negative than positive, with many analysts pointing to the social network’s staggering spending forecast for 2013 in lowering their ratings.
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Wall Street continues to weigh in on Facebook, but Cowen & Co. Analyst John Blackledge was not as optimistic about the social network as his counterpart at J.P. Morgan, Doug Anmuth, assigning the company a neutral rating.
A total of 38.5 percent of the 421,233,615 Facebook shares purchased by underwriters prior to its initial public offering went to Morgan Stanley, while E*Trade, which had been touted as the best source of stock in the social network for individual investors, received only 0.05 percent of the shares, according to an amendment to Facebook’s S-1 filing with the Securities and Exchange Commission, filed after the close of trading Friday.
