Meta mojo is back as earnings surprise powers Big Tech rally
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February 3, 2023 8:26 AM EST
HSBC Global Research downgraded Meta Platforms (NASDAQ: META) to a Reduce rating (From Hold), and reiterated a price target of $110.00, following the social media companys 4Q results. Meta reported 4Q EPS of $1.76, missing the consensus estimate of $2.20.
The results showed higher users and growing engagement, but a 4.5% revenue decrease and a large restructuring charge of $4.2bn, only partially offset by lower depreciation. 2022 marks the first year of declining revenue at Meta.
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February 2, 2023 8:47 AM EST
Monness, Crespi, Hardt analyst Brian White raised the price target on Meta Platforms Inc. (NASDAQ: META) to $240.00 (from $150.00) while maintaining a Buy rating following results and the $40 billion buyback news.
The analyst commented, "Last night, Meta reported 4Q:22 upside, issued a healthy 1Q:23... More
