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Meta Platforms Inc. (NASDAQ:META) shares were advancing in premarket trading on Friday, defying the weakness that is blanketing the tech space.
What Happened: The outperformance comes on the back of a positive analyst action.
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JPMorgan analyst Doug Anmuth upgraded Meta stock from Neutral to Overweight and hiked the price target from $115 to $150, the Fly reported. This updated price target points to a 29% upside potential.
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Heading into 2023, most of the headwinds faced by the company — including competitive pressure from TikTok and the impact of Apple Inc.’s (NASDAQ:AAPL) privacy changes — will likely abate, the analyst reportedly said. The analyst also sees the company exercising cost discipline going forward.
Given the pullback seen this year, Meta stock is trading at a very attractive valuation of 12 times JPMorgan’s updated 2024 earnings per share estimates, Anmuth reportedly said.
Price Action: In premarket trading, Meta rose 1.85%, to $118.30, according to Benzinga Pro data.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.