From Nasdaq:

Meta Platforms stock has surged 177% in the past year, with expectations of continued positive sentiment, especially leading up to the 2024 election. The stock is undeniably experiencing unstoppable momentum, driven by a mix of FOMO and improving margins. It seems attractively priced, considering future growth estimates and upcoming election-related ad spending.

The company’s shift in focus from the Metaverse to cost-cutting measures has fueled the rally in Meta stock. There is considerable potential for upside, given that the benefits from the 2024 elections have not been priced in yet. With recent estimates anticipating a 30% increase in political ad spending in the US this year, Meta is well-positioned to capitalize significantly.

In the past year and a half, Meta transformed its strategy from a Metaverse-centric focus to one that is profit-driven, causing a rapid shift from bearish to bullish sentiment. Wall Street estimates are catching up to the reality of increased political ad spending, supporting the ongoing positive momentum. Meta’s current valuation appears attractive, considering the strong market dominance and consistent double-digit growth.

Wall Street analysts maintain a Strong Buy consensus rating on Meta stock, with significant upside potential. The company’s crazy surge in the past year reflects its invincible momentum, driven by factors like FOMO and improving margins. As the 2024 election approaches, the anticipated uptick in political ad spending positions Meta for further gains.



Read more: Meta Platforms Stock (NASDAQ:META): Don’t Ignore the Election Year Tailwind