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Bull Case Deteriorating ; Facebook Target Price Is $10

|Includes: Facebook (FB)

According to many observers, FB's newest product, "Facebook Home" has been a flop. The product is serious overkill, and since the announcement, its hype died down extremely quickly.

Also, the company has lost over 10% of its market value since hitting $29 a share shortly after its last earnings report. It closed today at $26.13.

I am not interested in paying 50 times next year's earnings, or 2200 times trailing EPS for this company. I did a quick, anecdotal survey of my friends, and not a single one had ever clicked on a FB ad, ever. Overwhelmingly, the feedback that I got is that their ads are haphazard and irrelevant.

I am personally of the belief that FB' management team is one of the worst in the business. In fact, I believe the biggest risk to their bear case on FB is a competent management team taking over. For now, Mark Zuckerberg has an iron grip on the company and the rest of the float cannot challenge his position. Its unlikely he will step aside anytime soon.

FB has been the most spectacular flop in recent history. I don't think its done tanking just yet.