Another analyst turned bullish on social media giant, Meta Platforms (NASDAQ: META) on Wednesday. This time it was top-rated KeyBanc analyst Justin Patterson who upgraded the stock to a Buy from a Hold with a price target of $240. The analyst’s price target implies an upside potential of 18.7% at current levels.
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Patterson’s rationale behind the upgrade was extensive cost-cutting measures and META’s robust ad revenues. He stated, “cost cuts have been much greater than expected and ad spend looks fine.” This upgrade comes on top of another Morgan Stanley analyst turning bullish yesterday.
Overall, analysts remain bullish about META stock with a Strong Buy consensus rating based on 38 Buys, five Holds and three Sells.