|FB was down 22% since its IPO, despite a 5% bounce on May 31st.|
Let's take a deep breath. Steve Jobs didn't become "genius-CEO Steve Jobs" until he returned to Apple at the age of 42. Even then, it took Apple a few years to right the ship before it introduced the products that make Apple one of the most astounding business turnarounds in the last century.
The analysts who are dissecting Facebook today are extrapolating from the businesses that they know about. Those who analyzed Apple 12 years ago saw a company that made niche personal computers; their financial models didn't know about the iPod, iTunes, iPhone, or iPad.
If Mark Zuckerberg has just a fraction of Jobs-like genius--which I think he does possess--then Facebook is cooking up a few (pleasant) surprises that no one outside the company is expecting. If the price falls to $25 I'll be interested, and at $20 I'm definitely a buyer.