Topeka Lowers Price Target On Facebook

Topeka Capital Markets on Wednesday issued a note lowering the price target of Facebook Inc FB from $100 to $96 and maintained a Buy rating.

The team at Topeka noted Facebook uttered two of the most infamous words in the internet stock space: "investment year." This phrase has historically sent stocks in the space tumbling, and Facebook is no different. The stock was recently down 6 percent.

The team concluded by stating its adjustment to the price target reflects the "investment year" announcement and the guided non-GAAP expense increase of 50 percent to 70 percent.