Shares of Meta Platforms (NASDAQ: META) were down in morning trading on Tuesday after Atlantic Equities top-rated analyst James Cordwell slashed the rating on the stock to a Hold from a Buy.
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The analyst kept a price target of $160 on META stock implying an upside potential of 23.8% at current levels.
Cordwell commented, “We now believe Meta’s growth outlook is increasingly challenged given strengthening macro headwinds.”
The analyst also cited rising competition for META when it comes to online advertising. While Cordwell acknowledged that META’s cost reduction measures will help somewhat but overall, the social media giant is likely to face earnings pressure over the next two years.
What is META Stock Prediction?
Wall Street analysts are cautiously optimistic about META with a Moderate Buy consensus rating based on 26 Buys, six Holds, and two Sells.
The average price target for META stock is $210.88 implying an upside potential of 63.7% at current levels.
