#3 - Meta Platforms (NASDAQ:META)
Meta Platforms Inc. (NASDAQ: META) has had 20 downgrades in the last 90 days, all of which came in April. That corresponds with the company’s first-quarter earnings report. The company beat on the top and bottom lines and rewarded shareholders with a dividend for the first time. However, the company says it will increase its capital expenditures (CAPEX) in the coming quarters. That caused META stock to drop 12.75%.
But this looks to be a case of analysts believing that a stock has gotten ahead of itself. Despite the stock’s post-earnings pullback, META is still up 21.5% in 2024 and 78% in the last 12 months. You can see that the bullish case is still in place when you look at the price targets. While analysts lower their targets, many remain at or above the consensus price.
On May 1, 2024, META stock was now trading at a forward P/E of 21x earnings, making the stock a better value for investors concerned about stretched valuations.
About Meta Platforms
Meta Platforms, Inc engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, and wearables worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment offers Facebook, which enables people to share, discuss, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, communities, and businesses across platforms and devices through text, audio, and video calls; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.
Read More - Current Price
- $537.95
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 36 Buy Ratings, 2 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $577.26 (7.3% Upside)
