Facebook, Apple highlight tech retreat
Google edges higher after Citigroup ups its price target to $850
SAN FRANCISCO (MarketWatch) — Declining shares of Facebook Inc. and Apple Inc. highlight an early tech sector retreat on Monday, even as a Google Inc. got a lift from an upbeat Citigroup review.
Facebook FB -9.10% fell 7% to $21.27 on a Barron’s analysis arguing that the stock is worth just $15.
In tech, content is king
In the war over technology platforms, content is a potent weapon. Companies like Netflix, Pandora and Yelp risk getting squeezed in the middle.
Apple AAPL -1.77% was down about 1.3% after the company announced that it has sold 5 million iPhone 5s since the smartphone went on sale three days ago. The number was below what some analysts had projected. See story on iPhone 5 sales.
Meanwhile, Google GOOG +1.83% bucked the downward trend, rising 1% to $740.85 after Citigroup analyst Mark Mahaney raised his price target to $850.
“We’re now back at the peak. And we believe Google shares can rise materially higher over the next 12 months,” Mahaney wrote. He argued that key hurdles for the stock are “abating,” including worries about the impact of its acquisition of Motorola Mobility and stiffer competition from Facebook.
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