It was a huge day for Meta Platforms (NASDAQ:META), as it showed off a string of new products coming soon to the market. With the holiday shopping season about to fire up—if some early birds haven’t already jumped the gun—these new products might be topping wish lists all over.
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Meta rolled out a wide array of new products. The big one of the day might have been the Quest 3 VR headset, though it was previewed back in June. Today, it emerged with a new price tag, $499, which is a far cry from the Quest 2. That only asked for $300 from users. However, the Quest 3 will also offer augmented reality along with its virtual reality, and that’s a match for the Apple (NASDAQ:AAPL) Vision Pro series.
Also making an appearance were some new AI tools, including new chatbots that would focus on specific topics like travel or food. A line of smart glasses with Ray-Ban branding was also unveiled. So why, with all that in play, did Meta lose ground? A behind-the-scenes problem may be to blame, as Alexis Black Bjorlin—Meta’s vice president of infrastructure—is departing the company at the end of this month. That may put a crimp in future development work, though her role will be taken over quickly by Yee Jiun Song, vice president of engineering. Also, a recent $181 million penalty for breaking a lease on London office space likely didn’t help matters either.
Should I Buy Meta Platform Stock?
Overall, analysts are still on board with Meta Platforms stock. It’s considered a Strong Buy by analyst consensus, supported by 41 Buy ratings and two Holds. Further, with an average price target of $376.69, Meta Platforms stock comes with a surprisingly healthy 26.78% upside potential.
