Meta Platforms soared nearly 22% in late day trading on Thursday, nearing the 500B market cap level, after the Zuckerberg-led company's fourth quarter results and guidance were better than feared. The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish than expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls.
Rosenblatt Securities analyst Barton Crockett upgraded Meta to buy from neutral and raised his price target to $220 a share from $104, stating the company now has the "durability" to receive a premium earnings multiple. "With Meta reaching 3.74B people monthly, it has durability that over time could confer a premium multiple," Crockett wrote in a note to clients. To emphasize Meta's worldwide presence, Crockett added that the company's monthly reach is equal to 47% of the global population. Crockett said that another thing in Meta's favor is that company is "unlevered, and following the maturing company playbook to a normal mix of debt and equity could open up meaningfully higher share repurchase."
In conjunction with its quarterly results and guidance, Meta announced a new 40B share buyback program. Bank of America analyst Justin Post boosted his rating on Meta to buy from neutral and raise his stock price target to $220 a share from $160, while praising the more efficient mindset from company management. J.P. Morgan analyst Doug Anmuth reiterated his overweight rating on Meta (META) and raised his price target to $225 a share, noting that the company is "building critical muscle" to operate as a disciplined company. Analysts were expecting Meta (META) to earn $2.23 per share on 31.69B in revenue.
Zuck said the progress Meta is making on its artificial intelligence discovery engine and Reels is being seen in the strong engagement in its apps.
we will have a little correction (zuck back) then ready for higher targets like 190, 195, 197 and 200$
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The Meta CEO added that later in 2023 the company would launch another “next generation consumer headset” following the October launch of its Quest Pro Virtual Reality headset.
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we hit our first target
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Zuckerberg announces paid subscription service for Facebook and Instagram
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we hit all targets
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little correction
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next targets are 239, 243 and 245
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we hit our first and second targets again
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Trade closed: target reached
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Trade closed: target reached
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Cathie Wood of ARKK has bought 82,352 shares of META today
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Revenue grew to 32bn, marking company’s most profitable quarter since 2021, as news sends stocks surging by 7%
Its interesting, I am WAAAAY up on my meta holdings, but I also stopped using it maybe a month ago. Just over it.
I still hold though :)
Go Zuck!
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@zAngus, Its odd too cuz no one use their product anymore but their stock goes up!
zAngus
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@moonypto, yeah. Its interesting. I got sick of it because SOOOOOO many fricken ads and I have every popop / ad remover possible. I was seeing more ads than friends updates. Hard to know whats driving it.