Meta Platforms (META) is on fire.
After a rough outing in 2022, the stock is on the mend. Better, if META can break above double-top resistance around $207, it could see $225 next. From there, it could go on to refill its bearish gap around $350.
Helping, analysts have been busy upgrading the stock. Today, for example, KeyBanc Capital upgraded the META stock to overweight, with a $240 price target. The firm noted, “We believe companies making aggressive cost cuts while investing judiciously in future growth opportunities are well positioned for the cycle,” as quoted by Barron’s.
Morgan Stanley also upgraded Meta Platforms to Overweight from Equal Weight with a price target of $250, up from $190. The analyst cites Meta’s “structural pivot” to focusing on efficiency and return on invested capital, improving revenue and engagements trends, “surging” Reels monetization and “further revenue call options” in artificial intelligence, subscriptions, and click-to-message for the upgrade, as noted by TheFly.com.
Loop Capital raised its price target to $220 from $188. Even Edward Jones upgraded the META stock to a buy rating from hold.
In short, after a terrible year, META could be a standout winner in 2023.