Meta Platforms (NASDAQ: META), formerly known as Facebook, has taken shareholders on quite the roller-coaster ride. After losing 64% of its value in 2022, it's up 150% in 2023. That puts it 10% below where it entered 2022, but with the average Wall Street price target of $380, analysts believe it will set a new all-time high within the next year.

A 25% upside may seem like a great return for investors. But I think Wall Street is wrong in this case. I actually think there is greater upside to Meta Platforms' stock.

Meta changed its name to convey to investors that it is much more than a social media company, but in reality it is still just a social media company with an expensive hobby. Its family of apps (Facebook, Instagram, Messenger, WhatsApp, and the recently launched Threads) is a fantastic business when advertising revenue is plentiful. But over the past year and a half, businesses have curtailed their advertising spending in preparation for a potential recession. While those fears aren't completely subdued yet, customers are feeling more optimistic and advertising revenue is on the rebound.

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Source Fool.com