Facebook hits new low as targets slashed |
| MarketWatch - Aug 31, 2012 |
Facebook Inc. slumped to a record low on Friday after a pair of brokers slashed their price targets on the stock, citing the combined weight of massive share lockups as well as signs of a weakening advertising business at the social network.
In morning trades, Facebook FB shares fell more than 4% to $18.31. This represented an all-time low for a stock that has steadily been losing ground since its high-profile IPO in May, with the company’s market value now less than half the level set by its debut price of $38 per share.
More than 24 million shares had traded hands in the first hour of trading, compared to the stock’s three-month daily average of 36.8 million.
Bank of America Merrill Lynch and BMO Capital Markets both cut their price targets on Facebook. Stifel Nicolaus does not have a price target on the stock, but trimmed its forecast for the company’s 2013 fiscal year.
“Although valuation appears tempting, the uncertainty of the earnings trajectory and increasing public float leaves us cautious,” wrote Stifel’s Jordan Rohan in a note to clients.
Read Full Article from MarketWatch
- Posted: 2012-08-31 14:23:06
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
