Meta Platforms Inc. 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.
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.
See Also: Best Technology Stocks Right Now
Heading into 2023, most of the headwinds faced by the company — including competitive pressure from TikTok and the impact of Apple Inc.’s 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.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.