My Favorite Metaverse Stock for 2023 Has 25% Upside
The metaverse was a hot topic last year, but the hype has largely fizzled out now that virtually every metaverse stock got hammered throughout 2022. That includes Meta Platforms (NASDAQ: META), my favorite metaverse stock entering 2022. Instead of rising, the stock is down 66% since the start of the year.
Ironically, there's arguably more evidence today than last year that brighter days are ahead. Meta stubbed its toe on some short-term challenges, but there are at least three reasons why the stock could still deliver 25% investment returns in 2023.
Most investors are fixated on Meta's metaverse ambitions, but the Family of Apps segment that houses Facebook, Instagram, and WhatsApp is still what butters Meta's bread. Broad recession fears are hurting advertising companies like Meta, but ad spending is a cyclical business that should recover once confidence in the economy returns.
Source Fool.com
