Morgan Stanley analyst Brian Nowak recently offered up some commentary on social media and tech firm Meta Platforms (NASDAQ:META) that should have sparked some enthusiasm from investors. However, investors didn’t prove impressed, and Meta slipped slightly in Thursday afternoon’s trading.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Nowak looks for Meta to start producing, big-time, before 2024 hits. Just three key elements of Meta—the “core” advertising business, the Click to Message function, and Reels—will help drive the stock to produce earnings per share of $20 or possibly more by 2024. Nowak was already looking for big things from Meta—he calls it an “overweight” and put a price target of $375 per share on it, roughly around 25% more than it’s trading at today. But Nowak also noted the better-than-expected takeup rate of Reels as a major reason that Meta could be a real barn-burner in earnings fairly soon.
There’s a lot going on inside Meta Platforms right now, so projecting growth out of them isn’t a bad plan. Even accounting for a certain amount of failure, which is inevitable in any human-designed process, there are so many irons in that fire that some of them have to come out.
Currently, Meta Platforms is considered a Strong Buy thanks to 41 Buy ratings and two Holds. Further, with its average price target of $376.19, Meta Platforms boasts 26.77% upside potential.
