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PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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Facebook Target Price Is $5, But More If Zuckerburg Quits

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- Tom Winnifrith

I have been bearish on Facebook (FB) since its IPO at $38 back in May. Indeed since then my analysis has become steadily more bearish as a result of the Q2 earnings numbers and an admission from Facebook itself about bogus accounts and claims made by customers about bot driven advertising. As a result I recently slashed my target price from $7.30 a share to $5 but there is a possibility that I might increase that estimate of fair value but only if founder Mark Zuckerburg quits as CEO.

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