Shares of Facebook Inc. are off 1% in premarket trading Tuesday after Pivotal Research Group analyst Michael Levine downgraded the stock to sell from hold and lowered his target price to $180 from $215. “We think the Street is being way too complacent regarding the impact of the Google Chrome changes made on Feb 4…with its Chrome 80 release,” he wrote. ” In effect, this will restrict some of the capabilities of third party cookies, making it more challenging to utilize inputs from cross-site behavior. Combined with the Apple’s recent iOS 13 launch, this has wide ramifications for the advertising ecosystem.” Levine also said while Facebook has a history of being conservative with its forecasts, “we think the company might have meant it this time with respect to the data-related headwinds.” Facebook shares have gained 12% over the past three months as the S&P 500 has risen 8.6%.
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