Meta's stock has been feeling the love lately in the wake of job reductions and other cost cuts, but one analyst sees better plays for tech investors.
Meta Platforms Inc.’s stock has been feeling Wall Street’s love lately in the wake of job reductions and other cost cuts, but one analyst says there are better plays for tech investors.
The... Meta Platforms Inc.’s stock has been feeling Wall Street’s love lately in the wake of job reductions and other cost cuts, but one analyst says there are better plays for tech investors. The rating change comes as Meta shares had soared nearly 150% from their Nov. 3 close of $88.91, a recent low. Meta’s stock had its second best quarterly performance on record during the March period. Several analysts recently upgraded Meta shares.
Meanwhile, he says that there’s a lack of visibility as far as the company’s medium-term to long-term margin outlook. That’s because Meta is investing in compute power that can propel applications of generative artificial intelligence, the kind of AI popularized by ChatGPT, and will likely continue to invest in the metaverse, even if it does so at “more subdued” levels.
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