Bank of America analysts believe Meta Platforms Inc. (NASDAQ: META) has a bright future and believe its stock is one of the finest “crisis stocks” among similar companies. The expansion of Meta Platforms quotations was aided by a good endorsement from an authoritative source. The share was for $1,72.19 during trading on July 7.
Bank of America analysts boosted their target price for Meta Platforms shares to $233 this week. Furthermore, analysts usually spoke favorably about the company’s operations and highlighted various aspects of the social network that will assist it in better coping with the present economic circumstances. Its stake in Bank of America has also been dubbed one of the greatest “crisis stocks” among Internet corporations.
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Meta Platforms, according to the bank’s specialists, have numerous basic characteristics that will enable them to endure the economic impact of the next months. First and foremost, the company’s high profit, as well as reliable cash flows, must be considered.
A steady income flow and a well-defined structure will also allow the social network to be more flexible in controlling costs. Bank of America even advises that Meta Platforms utilize its capital to repurchase its own stock.
Because of investor concerns about the broader economic scenario, Meta Platforms quotations have declined about 50% since the beginning of this year. Shareholders were particularly concerned about slower revenue growth and a dwindling user base. This week, the value of shares increased by more than 5% as a result of Bank of America’s recommendation.
Meta Platforms Inc. (NASDAQ: META) shares are down -48.81 percent year to date (YTD) and are up 1.43 percent or $2.42 in the most recent trading session. However, the stock’s 12-month performance is still about -50.87 percent down.
The stock is down -48.83 percent over the last six months and -25.73 percent over the last three months. When we look at the shorter timeframe, the week performance is up 5.03 percent and the month performance is down -11.36 percent.