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Facebook stock extends decline after price target cut

Tags: Facebook
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Shares of Facebook Inc. (FB-Q) 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 US, 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 game publisher Zynga Inc. (ZNGA-Q), which gets most of its revenue from Facebook, slipped 3 percent on the Nasdaq.

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