From Nasdaq: 2024-11-13 07:09:51

Meta Platforms, Inc. (META) is a social technology company with a market cap of $1.5 trillion. META has outperformed the S&P 500, gaining 77.9% in the past year and 65.2% in 2024. Despite this, it trails the Vanguard Communication Services Index Fund ETF (VOX) which has gained 42.1% in the same period.

META’s success is attributed to Meta AI, Llama adoption, and AI-powered glasses. The company’s focus on enhancing user engagement through AI has led to increased time spent on Facebook and Instagram. META reported Q3 results with an EPS of $6.03, beating expectations, and revenues of $40.6 billion. Analysts expect EPS to grow 51.5% to $22.53 for the current fiscal year.

Analysts are bullish on META, with a consensus rating of “Strong Buy.” Baird analyst Colin Sebastian reaffirmed a “Buy” rating and raised the price target to $630, implying a potential upside of 7.7%. The mean price target is $650.74, representing an 11.3% premium, while the Street-high target of $811 suggests a 38.7% upside potential.



Read more at Nasdaq: What Are Wall Street Analysts’ Target Price for Meta Platforms Stock?