Shares of Facebook Inc. slid 0.8% in early trade Friday, after their recent run up to record highs prompted a ratings downgrade. Analyst Richard Greenfield cut his rating to neutral, after being at buy since October 2013. With the stock surpassing his price target of $117, Greenfield said he believes investor expectations are “simply too aggressive.” Greenfield remains bullish on the social network’s business, saying Facebook remains one of the only ways to play the shift of legacy media ad spending to mobile, and since its advertising growth rate remains “staggeringly” high. “However, investors expectations over the past year have risen dramatically and we now feel the bar is simply too high,” Greenfield wrote in a note to clients. The stock, which closed at a record of $121.92 on Wednesday, has climbed 14% year to date, while the S&P 500 has gained 5.9%.
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