To date in 2023, META has increased by more than 40%. Is this place still a buy?
Building on a recovery that started in November of last year, Meta Platforms META has increased more than 40% so far in 2023. Shares of the Facebook parent company were able to reach levels not seen since last summer thanks to the most recent rise, which was spurred by a well-received earnings report.
As the business continues its long-game move to the metaverse, has this rally reached its conclusion? Or does META still qualify as a purchase?
Rally for Three Months and Report on Positive Earnings
Over the previous three trading months, Meta Platforms META has surged, increasing from a low of $88.09 per share in November to $182.85 per share. The action represented a topside push that exceeded 100%. META now trades at levels similar to those from June 2022.
Early this month, an earnings report helped to extend the California-based tech giant's surge. In it, META announced a $40 billion share buyback programme and outperformed revenue forecasts by $480 million. Compared to the $27.25 billion that experts had predicted, META expects first-quarter revenue to be between $26 and $28.5 billion.
META isn't the only well-known tech rival that has raced ahead in 2023; others include Snap Inc. SNAP, Pinterest PINS, Apple AAPL, and Microsoft MSFT.
META: Is it a Buy?
Wall Street has a positive outlook for Meta META, as indicated by the fact that 41 of the 57 analysts surveyed rate Meta Platforms as Strong Buy or Buy. In detail, 12 analysts rate the stock as a Buy, while 29 rate META as a Strong Buy.
Twelve analysts rate the metaverse play as a Hold among the doubters. On the bearish side of the debate, two analysts have given the IT company a Sell rating and two others have given it a Strong Sell rating.
The average currently stands at $204.63, representing an additional 11% upward movement from its current position. The high-end objective currently stands at $275, and one bear expects a drop to $80.
With a Hold rating for META, Seeking Alpha's Quant Ratings adopt a slightly more cautious attitude. Meta Platforms received grades of A+ for profitability and A for momentum under the quantitative measure evaluation system. While doing so, it also graded the Zuckerberg-led company's valuation as a C- and its growth as a D-.
Meta Platforms META has grown by more than 40% so far in 2023, building on a recovery that began in November of last year. Thanks to the most recent surge, which was sparked by a well-received earnings report, shares of the Facebook parent firm were able to reach levels not seen since last summer.
Has this rally ended as the company pursues its long-game transition to the metaverse? Or is META still considered to be a purchase?
Three-month rally, then report on profitable results
Meta Platforms META has soared over the past three trading months, rising from a low of $88.09 per share in November to $182.85 per share. The motion amounted to a topside push that was greater than 100%. META is currently trading at levels reminiscent of June 2022.
An earnings report at the beginning of this month contributed to the California-based tech giant's rise. In it, META revealed a $40 billion share-buyback programme and reported revenue that was $480 million higher than expected. META anticipates first-quarter revenue to range between $26 and $28.5 billion, as opposed to the $27.25 billion that experts had projected.
Other well-known tech competitors that have advanced in 2023 include Snap Inc. SNAP, Pinterest PINS, Apple AAPL, and Microsoft MSFT. META is not the only one.
META: Should I Buy It?
41 of the 57 analysts surveyed rank Meta Platforms as Strong Buy or Buy, which suggests that Wall Street has a favourable view for Meta META. According to 29 analysts, META is a Strong Buy, while 12 analysts rank the company as a Buy.
The metaverse game receives a Hold rating from twelve analysts. The IT company has received Sell and Strong Sell ratings from two experts on the pessimistic side of the argument.
The average has increased by 11% from its previous position to $204.63, where it presently stands. The current high-end aim is $275, and one bear anticipates a decline to $80.
Quant Ratings at Seeking Alpha take a little more circumspect stance with a Hold recommendation for META. The quantitative measure grading methodology gave Meta Platforms an A for momentum and an A+ for profitability. Additionally, it gave the Zuckerberg-led corporation a C- for value and a D- for growth.