Investors who thought they’d get rich quick by buying Facebook shares on Friday may look a little pale today. The share price for the social network giant is bouncing around at mid-day, but seems to be hovering around $34.40 — down 10%, and below the company’s $38 offering price. That shaves about $10B off the initial market value of $104B. Why the skepticism? “With revenue and EBITDA growth decelerating in 2012, we find Facebook’s current valuation unappealing,” BTIG analyst Richard Greenfield says today as he initiates coverage of Facebook with a “neutral” rating. The stock is trading at almost 64 times its expected earnings per share for next year, making it far more expensive than companies such as Google (11.9 times EPS), Apple (9.8 times) and Yahoo (14.2 times). At mid-day, the Dow Jones Industrial average is +0.77% and the Standard & Poor’s 500 is +1.19%.
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