Facebook Stock Reaches New Low


0  Updated at 1:46 pm, August 31st, 2012 By: ABC Digital
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Peter Foley/Bloomberg via Getty Images(NEW YORK) — Shares of Facebook reached a new low on Friday after another investment firm cut the social media company’s target price and news that the co-founder is selling his shares.

BMO Capital Markets cut Facebook’s price target to $15, down from $25, saying investor views of the company are lower.

Facebook’s stock dropped 5.23 percent to $18.09 less than an hour before Friday’s close, less than half of its offer price of $38 in May.

A spokeswoman for Facebook declined to comment.

Copyright 2012 ABC News Radio

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