UPDATE: Jefferies Downgrades Facebook to Hold on Expense Outlook
Jefferies downgraded Facebook (NASDAQ: FB) from Buy to Hold and lowered the price target from $32.00 to $30.00.
Jefferies noted, "We are downgrading FB to Hold as management warns of significantly higher expense levels in 2013 as a result of aggressive hiring and investment plans. While we are broadly supportive of Facebook's longer-term strategy, the material increase in 2013 spending pressures valuation, making the stock less attractive to own on a near-term basis, in our opinion."
Facebook closed at $31.24 on Wednesday.
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