2024-06-25 11:30:55 ET
Summary
- Meta stock fell into a bear market, but dip-buyers returned with conviction.
- As a result, META is closing in on its all-time highs.
- Meta's ad business has already recovered, bolstering its capabilities to invest further in AI monetization.
- Meta has a well-integrated AI tech stack, providing a vital boost against its smaller digital ad peers.
- My previous Hold rating played out. I explain why I'm ready to return to the bullish camp with META's all-time highs in the crosshairs.
Meta: Buyers Returned Quickly As It Fell Into A Bear Market
In my previous article, I urged Meta Platforms, Inc. ( META ) investors to be cautious as we headed into Meta's Q1 earnings release . My Hold rating on META was timely, as META fell into a momentary bear market. While I remain confident about META's long-term thesis, I assessed its AI optimism was overstated....
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Meta Platforms: Already On Its Way Back To All-Time Highs (Upgrade)