Facebook (FB) PT Lowered to $205 at Monness, Crespi, Hardt

Monness, Crespi, Hardt lowered its price target on Facebook (NASDAQ: FB) to $205.00 (from $225.00) while maintaining a Buy rating.

Analyst Brian White commented, "Last night, Facebook delivered muted 2Q:18 results and provided cautious commentary around 2H2018, while unveiling a conservative, longer-term operating target. Given this more cautious outlook, we are lowering our estimates and reducing our price target to $205 from $225. However, we believe the magnitude of the decline in Facebook’s stock in after-market trading last night was an extreme overreaction, especially for a stock that we believe was already meaningfully undervalued. As such, we would be aggressive buyers of the stock on weakness this morning."

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