Facebook Inc. hit another new low Monday after an analyst started covering the social networking giant's stock with a recommendation that shareholders sell their stock.
Analyst Carlos Kirjner of Bernstein Research rated Facebook (NASDAQ:FB) as underperform, interpreted as a recommendation to sell, and set a price target on it of $25 a share.
The Menlo Park company's shares fell as low as $26.44 in regular trading on Monday, down about 30 percent from itsIPO price of $38 a share. It closed at $26.90.
"It is difficult to argue for owning the stock today," Kirjner said in a note to investors.
Written by Cromwell Schubarth. Contact him at cschubarth@bizjournals.com or 408.299.1823.
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