Pivotal Research analyst Michael Levine downgraded Facebook to Hold from Buy with a price target of $215, down from $245. The shares in premarket trading are down 7%, or $15.78, to $207.45. The slowdown, particularly in the U.S. advertising, in last night’s Q4 results was “far greater than we expected and sounds likely to persist,” Levine tells investors in a post-earnings research note. The company guided for mid-single-digit to high-single-digit year-over-year deceleration versus the 30.6% year-over-year in Q3, and decelerated by almost 400 basis points, adds the analyst. He says that while the reported revenue was in-line with expectations, the 21.5% year-over-year U.S. advertising growth compares with 27.0% in Q3, a “huge step down.” Further, “of greater concern” was forward commentary for mid-single-digit to high-single-digit declines in Q1, and for targeting related headwinds, contends Levine. The analyst expects Facebook’s Q4 results to act as an overhang to the entire online advertising coverage universe.