(Bloomberg) — Alphabet Inc. and Facebook Inc. tumbled on Monday, leading a broad move lower in internet stocks after Citigroup Inc. warned about the outlook for digital advertising, a key source of revenue for the sector.
The firm downgraded both names to neutral from buy, writing that “caution is in order” for companies that derive revenue from digital advertising. While ad budgets are expected to continue shifting online, growth is likely to decelerate, and “historically, that…
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