New Street Research Downgrades Meta Platforms Inc. (META) to Neutral, 'Re-rating likely over, we move to the sidelines'
New Street Research analyst Dan Salmon downgraded Meta Platforms Inc. (NASDAQ: META) from Buy to Neutral with a price target of $220.00.
The analyst comments "We are downgrading META to Neutral from Buy, with an unchanged price target of $220. No major change in view but we see better opportunities for upside in our coverage from here after META’s outperformance relative to the group. No change in coverage pecking order rank (#5 of 7). The Year of Efficiency re-rating is likely complete and while incremental cost cuts could help boost estimates, they are unlikely to impact the multiple materially."
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Shares of Meta Platforms Inc. closed at $221.49 yesterday.