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.
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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 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.
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