Bank of America Cuts Facebook Target Again
Stock Markets 16 hours ago (Mar 29, 2018 17:38)
Investing.com - Not once, but twice.
That's how many times Bank of America (NYSE: ) has cut its stock price target for Facebook (NASDAQ: ) since the tech giant became embroiled in a data scandal.
The latest one comes after the Federal Trade Commission said it was investigating Facebook's data privacy practices.
Bank of America thinks the investigation "raises the risk of civil penalties" and "could take multiple years to resolve."
This time the Wall Street firm reduced its price target from $230 to $210, but kept its buy rating. Before the first cut, its target was $260.
Facebook shares have fallen about 14% since it became known that Cambridge Analytica misused data from some 50 million Facebook users.
Bank of America Cuts Facebook Target Again
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