FB: Facebook lower after ITG cuts estimates, reports of Sep. slowdown

Facebook lower after ITG cuts estimates, reports of Sep. slowdown • 9:58 AM

• ITG Research's checks point to slower-than-expected North American Facebook (FB -1.8%) transaction volumes in September. As a result, the firm has lowered its regional estimates below consensus.
• ITG did something similar with Groupon yesterday. 47% of Facebook's Q2 sales came from North America.
• With shares having nearly doubled from where they traded going into the Q2 report, expectations have definitely risen heading into the Oct. 30 Q3 report. Last week, Goldman predicted another strong quarter thanks to still-surging mobile ad sales.
• Needham has raised its PT all the way to $65 from $37 this morning, while talking up Facebook's scale, average user engagement (17 minutes/day), ROIC, and various growth opportunities.

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FB price at time of publication: $51.73. Check FB price now »

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