Analyst Ronald Josey of Citi reiterated a Buy rating on Meta Platforms, retaining the price target of $850.00.
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Ronald Josey has given his Buy rating due to a combination of factors that highlight Meta Platforms’ strategic focus on efficiency and growth. The company is reportedly planning to cut expenses by 10% across the board, with a significant reduction in the Metaverse group, which could free up resources for new AI products. This reallocation of resources suggests that Meta is poised to deliver continued product-led growth by focusing on its most promising opportunities.
Additionally, Meta’s shares are trading at an attractive valuation, with potential upside to the projected earnings. The company’s strategic moves, including potential budget cuts in Reality Labs to fund Super Intelligence and TBD Labs, align with its growth objectives. The valuation methodology, based on Meta’s user scale, engagement, product innovation, and revenue growth, supports the Buy rating, making Meta a top pick for investors.
In another report released today, Mizuho Securities also reiterated a Buy rating on the stock with a $815.00 price target.
Based on the recent corporate insider activity of 286 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of META in relation to earlier this year.