Facebook drops after Bank of America removes it from its focus list

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Markets Insider

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Markets Insider

  • Facebook is continuing to slide.
  • CNBC’s Carl Quintana tweeted Tuesday morning that Bank of America Merrill Lynch removed the stock from its US 1 list.
  • Watch Facebook trade in real time here.

Facebook shares are dropping, falling almost 2% Tuesday, to an intraday low of $150.81 apiece.

Tuesday’s slide comes after Bank of America Merrill Lynch removed the company from its US 1 list, according to CNBC’s Carl Quintanilla, citing FactSet.

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Twitter

Facebook has been under significant pressure since news of the Cambridge Analytica data scandal broke in mid-March. Shares fallen more than 17% since March 19, the first day of trading after news of the scandal surfaced.

On Monday, Pivotal Research’s Brian Wieser became latest Wall Street analyst to downgrade the stock. He published a note with his new price target of $138 a share, far below the Wall Street consensus of $219.

Facebook is down almost 16% on the year.