Facebook stock is "now normalizing" and will continue its march higher, said James Gorman, chairman and CEO of Morgan Stanley, which was the lead underwriter on the social network's initial public offering.
Gorman told "Squawk Box" on Friday that all the problems with Facebook on its
of trading were "as bizarre as the projections the day before" that the stock would go to $80 a share. "Both were equally ridiculous," he said.
(Read More: Stock Rally Still Has Legs: Morgan Stanley CEO)