Facebook stock extends decline after price target cut

(Reuters) - Shares of Facebook Inc fell 4.5 percent to a new low on Friday after BMO Capital Markets cut its price target on the social networking company's shares, saying several lock-up expirations over the next year will weigh on the stock.

BMO Capital Markets, which cut its price target by $10 to $15, said Wall Street sentiment on Facebook is now much worse than advertiser sentiment.

"We expect investor attention to return to fundamentals after the technical challenges presented by lock-up expirations over the next six months have been absorbed by the stock," BMO analysts said in a note.

Shares of the company fell to $18.23 on the Nasdaq on Friday amid heavy trading.

Shares of game publisher Zynga Inc , which gets most of its revenue from Facebook, slipped 3 percent on the Nasdaq.

(Reporting by Sayantani Ghosh in Bangalore, Editing by Saumyadeb Chakrabarty)

Source: http://news.yahoo.com/facebook-stock-extends-decline-price-target-cut-142311434--sector.html

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