Facebook (FB - Get Report) dropped 2.58% to $20.37 as BTIG analyst Richard Greenfield downgraded shares to sell with a $16 price target on concerns over the company's mobile business. "Our $16 one-year price target on FB shares is based on 11x estimated 2013 EBITDA, which equates to 22x 2013E FCF and 6x 2013E revenues. We are making our second FB earnings reduction since the company went public to account for a more rapid shift to mobile, as well as decreased payment revenue given the shortfall created by Zynga," Greenfield wrote in his note. Facebook recently announced it has surpassed 1 billion monthly active users, with more than 600 million of them accessing the site through mobile devices.
Vringo (VRNG - Get Report) popped 18.94% to $5.40 as the company is reportedly in talks with Google (GOOG) about settling negotiations related to an Internet search patent lawsuit. Vringo also announced Monday that it added Chinese phone maker ZTE to its lawsuit, accusing the company of infringing upon three patents. Interested in more on Facebook? See TheStreet Ratings' report card for this stock. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull