Why Meta Platforms Stock Was Rising Earlier Today
Shares of Meta Platforms (NASDAQ: META) were trading down 3.5% as of 10:12 a.m. ET on Tuesday. The gain comes on top of a broad rally for the markets, as investors start to weigh earnings results against low expectations for growth.
Investors even brushed off a bearish note from one analyst about the near-term advertising market that could weigh on Meta Platforms into 2023. Slowing revenue growth has sent Meta's stock price down 60% year to date, but the stock's gain might signal that it is oversold.
KeyBanc analyst Justin Patterson cut his near-term price target for the leading online ad magnets, YouTube owner Alphabet and Facebook owner Meta Platforms. According to Patterson, investors are skeptical over Wall Street's revenue and earnings estimates for these companies, which make most of their money from ad revenue.
Source Fool.com
