Meta Stock ( NASDAQ:META )
On Thursday, Meta Platforms ( NASDAQ:META ) stock jumped about 25% at midday when the business, helmed by Mark Zuckerberg, reported better-than-expected profits and projections for the fourth quarter .
Immediately after Meta’s earnings report was released, Wall Street analysts rushed to boost the Meta stock and laud the social media giant for its “year of efficiency.”
According to Rosenblatt Securities analyst Barton Crockett, Meta now has the “durability” to obtain multiple premium earnings. Hence he has upgraded the Meta stock from neutral to buy and increased his price objective from $104 to $220 per share.
Crockett said in a note to investors that since Meta reaches 3.74 billion people every month, it has a resilience that, in the long run, might impose a premium multiple. Crockett said that Meta’s (META) monthly reach is equivalent to 47% of the global population to further underscore the company’s global position.
Crockett also noted that Meta’s lack of debt means it may potentially undergo a larger share buyback if it adopts a more traditional debt-to-equity ratio.
The Meta quarterly report and projections included an announcement of a new $40B share repurchase program.
Because of the more productive outlook of the company’s leadership, Justin Post, an analyst at Bank of America, upgraded Meta stock to buy from neutral and increased his price objective for the stock to $220 from $160.
Post said to clients in a note that “the s...
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