Facebook downgraded as expectations 'too high': BTIG

Mark Zuckerberg
Stephen Lam | Reuters

BTIG on Friday lowered its rating for Facebook to neutral from buy, saying it expects the company to miss Wall Street estimates.

"Investor expectations over the past year have risen dramatically and we now feel the bar is simply too high," analyst Richard Greenfield wrote in a note to clients.

"With Facebook stock now over $120, exceeding the $117 price target we set one year ago this week, we believe the risk/reward is no longer compelling. ... With the success of Facebook stock over the past year, we believe near-to-intermediate term shortfalls vs. expectations could be painful."