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Morningstar Inc. pins a lower valuation on Barnes & Noble stock.
Cartesian had provided Oppenheimer with the lower valuation.
Investors will probably decide to attach a lower valuation to the company.
At $10 billion, Zynga is giving itself a lower valuation than some analysts had estimated.
Even at its lower valuation, Facebook's market capitalization is 12 times its revenue.
Even so, Mr. Katz, 37, was pragmatic about taking money at a lower valuation.
Any flotation would delay a full exit for some time and run the risk of fetching a lower valuation.
In addition, there will often be terms negotiated if money is subsequently raised at a lower valuation, a "down round".
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"Today there are lower valuations and lower expectations," said Jaimi Goodfriend, an analyst at First Analysis Securities in Chicago.
But these latecomers may have to accept lower valuations, he said.
Angels are still financing deals, but at lower valuations and with more specific milestones.
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