Here's Why Meta Platforms Stock Gained Ground on Friday While the Market Plunged
Shares of Meta Platforms (NASDAQ: META), parent company of Facebook, Instagram, WhatsApp, and Oculus, gained ground on Friday after some bullish commentary from Wall Street. The S&P 500 was down a sharp 1.5% as of 12:30 p.m. ET, highlighting Meta's 3.4% gain.
Wall Street's bullish commentary came from Doug Anmuth, an analyst with J.P. Morgan. According to The Fly, Anmuth believes Meta has had a tough year but that it's getting its expenses under control. Under this assumption, Anmuth is modeling out future profits for the company. And based on the models for 2024, Meta stock looks cheap.
Anmuth had been neutral on Meta stock with a price target of $115 per share. However, the analyst now believes it has upside and has given it a price target of $150 per share -- about 24% more upside from here. That's why the market was feeling more optimistic about this stock today.
Source Fool.com
