Facebook in free fall? Not yet, but how far?

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Facebook plunges 9% on $15 price call
September 24, 2012 @ 1:03 PM › Maureen Farrell
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Facebook’s shares are falling again after climbing 30% over several weeks.

Since its botched initial public offering in May, investors have heatedly discussed the following question about Facebook (FB): How low can it go?

After surging last week to a recent high of above $23 a share from its all-time low of $17.55, it looked like the Facebook fans finally had reason to celebrate. But Facebook’s stock plummeted more than 9% Monday after an article appeared in Barron’s over the weekend which declared that $15 is the right price for Facebook. The debate between Facebook bulls and bears continued on StockTwits.

RahulTongia: Facebook Is Worth $15 http://t.co/NKBLhQ49 via @barronsonline - $FB interesting take and also agree that FB doesn’t have a clear strategy

MiamiHeat:$FB is there anything new in article? No, all old news, pricedin, nothing changed, buy on dips.

It’s true that there’s not much new in the article. The author notes Facebook’s well-chronicled troubles, particularly its challenge making money from the shift to mobile web browsing.

Yet it still may be shocking to the broader investing public to see just how much more expensive Facebook is than Google (GOOG) and Apple (AAPL). At $23, Facebook is trading at 47 times its projected 2012 profit. Both Google (GOOG) and Apple (AAPL) only trade for 16 times 2012 earnings.

Related: What the Zuck? Facebook up 30% from lows

Still not all traders agree, and some members of the StockTwits world clearly think that a price below $21 is s a good time to buy.

DeidreZune: My view is the selloff in $FB is an opportunity at this point. Many things beginning to go right.

AheadoftheNews: $FB just remember that it is one on the most shorted stocks out there, and why 30/40% rallies in 10 days will happen again.

lionking: $FB This drop is healthy. Weak hands taken out. Next leg up will be fast and way higher. Doesn’t look like today tho.

So will Facebook fall to $15? I’m not sure. But it seems like the days of predicting outlandishly high price targets for Facebook are ancient history. Now, the eye-popping predictions....