Facebook (NASDAQ:FB) stock has surged this year, climbing 33% year to date. This crushes the S&P 500‘s 19% gain over this same period.
Of course, there’s been good reason for investors’ growing bullishness for the stock. The social media company‘s advertising business has seen incredible momentum and Facebook’s top-and bottom-line quarterly results keep easily beating analyst estimates.
But has the stock’s big move higher made it less attractive, to the point that investors shouldn’t be buying at this level?
Facebook stock downgraded to neutral
Arete analyst Rocco Strauss thinks the stock’s rise means upside potential is limited, particularly in the near term. Strauss downgraded his rating for the stock from Buy to Neutral on Monday, largely due to valuation. He kept the growth stock‘s 12-month price target at $381, which represents just 5% upside from where shares are trading…