#2 - Meta Platforms (NASDAQ:META)
Meta Platforms Inc. (NASDAQ: META) has been one of the hottest momentum stocks over the last two years. With META stock up 62% in 2024 and up 93% in the last 12 months, some investors may be concerned a correction is inevitable. However, the company has several catalysts in place that should give investors reason to believe that it can keep that momentum going.
At the core of the bullish thesis is Meta’s AI-enabled tools that are driving improvements in users, ad display, and revenue-per-ad metrics. This has provided double-digit growth in 2024, which analysts expect to last into 2025. Plus, the company is using AI to develop its own search engine to provide conversational answers to current events for users using the company’s chatbot, Meta AI.
As of October 28, 2024, analysts give Meta Platforms a consensus price target of $621.63. However, heading into the company’s earnings report on October 30, analysts have been raising their price targets. That trend will increase if the company posts bullish earnings.
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
- $563.09
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 37 Buy Ratings, 4 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $634.10 (12.6% Upside)
