Meta Platforms Stock At 52-Week High, Still A Strong Buy?

Meta Platforms Inc’s META stock recorded its 52-week high on Wednesday, Nov. 22. The stock is up about 174% so far this year, and was trading at over $342 at around 10:30 a.m. Its 52-week range is $108.3 -$341.87.

The stock was on an uptrend since early November 2022. Over the past year, META stock was up a whopping 210.90%.

Many might say the stock has become very expensive trading a Fwd P/E of 23.5, but Wall Street analysts are still very bullish on the stock.

Tigress Financial on Wednesday, raised its rating for Meta Platforms stock from Buy to Strong Buy. The company also raised its price target on the stock to $435 from $380.

Stifel also rated the stock a Buy with a price target of $405 on Nov. 14.

Consensus ratings for META stock rated the stock a Buy.

Meta was in the news lately for realigning its strategy and moving from Responsive AI to Generative AI products and AI infrastructure. The Mark Zuckerberg-led company is integrating AI into its Threads app. Zuckerberg considered this to be “game-changing” for the firm.

Related: Why Mark Zuckerberg Believes Meta AI Integration Will Be ‘Game Changing’ For Threads

Another factor behind the stock’s continued stride over the past month has been the company’s third-quarter earnings results.

Meta Platforms reported third-quarter revenue of $34.15 billion, which was up 23% year-over-year. The revenue total beat a Street estimate of $33.56 billion, according to data from Benzinga Pro.

The company reported earnings per share of $4.39 for the third quarter, up 168%.

Read Next: Meta Platforms Q3 Earnings Highlights: Revenue Up 23% YoY, New Guidance, Facebook User Growth And More