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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 (TGT.NY)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)