Analyst values Facebook at $6 billion

Stargazer at Bear Stearns, Robert Peck made the valuation in a note to clients. He said it was based on the company's current revenue and predicted future earnings.

He said the site could generate $140 million in revenue in 2007, and more than $358 million in 2008. By 2016, Peck reckons revenues will have rocketed to $6 billion allowing the owner to trouser massive profits.

Yahoo has made a bid for the firm which the current owners decided wasn't up to the mark. Now, no doubt, they'll be pointing at Peck's prognostications and demanding even more wonga.

Hacks at the INQ figure the analyst is talking baloney, however. Facebook, this one said, is a flash in the pan, and by the time 2016 comes around could well be long gone, having gurgled down the virtual plughole of history.

Still, Peck's paypacket is prolly ten times as fat as mine. So he must be right. µ