Facebook shares fall on spending plans

Facebook’s shares fell as much as 7.4% to $74.78 in early trading yesterday, a day after the company revealed aggressive spending plans for 2015.

But analysts were taking a more upbeat view, saying the heavy spending will drive long-term growth and reinforce the social networking giant’s market dominance. No brokerages cut their recommendation on the company following the release of its third-quarter results, and several said the price decline represented a buying opportunity.

At least 15 brokerages cut their price targets on the stock, by as much as $8 to as low as $78, mainly to reflect the company’s expense and revenue outlook.