Meta Platforms (META:NSD) Analysts Boost Targets on Bullish Sentiment

Stock Market Update April 25th, 2024

Analyst Coverage Change

Investment bank Jefferies & Company(Rank#14) has raised its target on Meta Inc’s to $250 from $200, while maintaining its “Buy” rating on the stock. The move comes as the social media giant continues to perform well, with strong growth in user numbers and advertising revenue.

Jefferies analyst Brent Thill said in a note to clients that he sees “significant upside potential” for Meta’s stock, given its dominant position in the social media market and strong fundamentals. Thill noted that Meta’s user base has continued to grow, with more than 3 billion monthly active users across its various platforms, including Facebook, Instagram, and WhatsApp.

In addition, Thill pointed to Meta’s strong advertising business, which he expects to continue to drive revenue growth. “Meta is one of the most attractive advertising platforms out there, with a massive user base and the ability to target ads to specific demographics,” Thill said.

Thill also highlighted Meta’s growing investments in emerging technologies, such as virtual and augmented reality, as potential drivers of future growth. “Meta is well-positioned to capitalize on the growing interest in immersive technologies, which are becoming increasingly popular among consumers and businesses alike,” he said.

The Jefferies upgrade comes as Meta’s stock has been on a strong run in recent months, gaining more than 50% since the start of the year. The company’s most recent earnings report, released in February, showed strong revenue and earnings growth, driven by a surge in advertising revenue.

Overall, Thill’s bullish outlook on Meta reflects the growing optimism among investors about the company’s prospects. With its dominant market position, strong user base, and growing investments in emerging technologies, Meta looks poised for continued growth in the years ahead.

Argus Research(Rank#60) also issued a report today on Meta’s stock, upgrading its rating for Meta’s stock from Hold to a “Buy” rating, while also increasing its target price from $230 to $270. This move comes after the company’s positive Q4 earnings report and strong growth prospects in the virtual and augmented reality space. Argus Research cited Meta’s expanding user base, increasing ad revenue, and the growth potential of its VR/AR products as reasons for the upgrade.

META Stock Forecast & Analysis

Based on the Meta Platforms Inc. stock forecast from 70 analysts, the average analyst target price for the next 12 months is USD 186.99. The average analyst rating for Meta Platforms Inc. is a “Strong Buy”. Stock Target Advisor’s own stock analysis of the company is Slightly Bullish, with 8 positive signals and 5 negative signals. The last closing price of Meta Platforms Inc. was USD 214.72, and the stock price has changed by +7.00% over the past week, +15.91% over the past month, and 0% over the last year.

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