From NASDAQ: 2024-07-29 11:48:45

This week, big tech companies like Microsoft, Apple, Amazon, and Meta Platforms will release their quarterly earnings reports. Tech stocks have been struggling this earnings season, with companies like Tesla, Netflix, and Alphabet falling after their Q2 reports. Meta Platforms has lost 13% from its highs and is in correction territory.

Analysts expect Meta Platforms to report $38.3 billion in revenues for Q2, a 19.6% YoY increase. Earnings per share (EPS) are expected to rise over 45% YoY to $4.69. Investors will be focused on Meta’s Q3 guidance, Chinese ad spend trends, and the monetization of its new open-source AI model.

Wall Street analysts have a “Strong Buy” rating on Meta Platforms and a mean target price of $538.76, 15.7% higher than current levels. There is optimism ahead of the Q2 earnings report, with some analysts raising their target prices. The stock trades at a next-12 months PE multiple of 22.3x, making it a potential buy on the dip.



Read more at NASDAQ: Meta Platforms Q2 Earnings Preview: Is META Stock a Buy After the Dip?