Meta Platforms (NASDAQ: META) is having a great 2023 with astounding gains of 148% so far. What's even better is that, even with the huge stock price jump, shares of the technology giant still trade at attractive levels.

Meta stock currently trades at 37 times trailing earnings. However, the forward earnings multiple of 24 suggests that Meta's earnings will jump nicely over the next year. What's more, Meta's forward P/E is a discount compared to the Nasdaq-100 index's forward earnings ratio of 29.

Meta's stock is definitely benefitting from the broader rally in tech stocks, but it also got a big boost from the company's big earnings beat in the first quarter of the year. If you are concerned that you've missed the stock's red-hot rally, know that there is another catalyst for growth that is just now being recognized. Meta's ongoing efforts in artificial intelligence (AI) could help it maintain its stronger-than-expected growth. Let's see how.

Continue reading

Source Fool.com