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JP Morgan’s Analyst Upgrades Meta, Price To Shoot Up?

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December 16, 2022
in jp morgan, Mark Zuckerberg, Meta, News, United States
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JP Morgan’s Analyst Upgrades Meta, Price To Shoot Up?
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Meta Facebook

JP Morgan’s analyst Doug Anmuth has come up with a new consumer note which states that Meta is showing signs of improving cost discipline and will continue to do so.

“Heading into 2023, we believe some of these top and bottom line pressures will ease, and most importantly, Meta is showing encouraging signs of increasing cost discipline, we believe with more to come.”

Shares of Meta increased 1.5% in pre-market trading to 117 USD. The stock has dropped by approximately 65% year to date, giving it the FAANG (Meta/Facebook, Apple, Amazon, Netflix, Google) complex’s worst-performing part.

Anmuth changed his rating from neutral to overweight. He now believes that Meta is worth 150 USD, up from the previous 115 USD.

Meta’s astonishing downfall

Meta had a tumultuous year, as it ran into heavy criticism from people all around the world. The sales of Meta has dipped down, laid off employees in extensive numbers and a poor implementation by the CEO Mark Zuckerberg.

In last year October, Zuckerberg announced of changing Facebook’s name to Meta for setting a clear vision of it entering the Metaverse. Since then Meta had a massive fall in terms of wealth. Meta is investing huge sum of money into virtual reality. The company has shrunk a little over 650 billion USD as of October, 2022. It was also shown the way out from the top 20 global companies.

The upgrade would have definitely come as a relief to Meta. Despite the update there has been no impact on Meta’s falling market.

The few drivers for its upgrade are:

  • The business will be able to outperform its booming competition TikTok. TikTok has been a platform that has seen a massive rise in recent years, especially in Asia.
  • Continuous improvement expense controls over both capital spending and total expenses.
  • By the end of 2023, reels monetization may pick up momentum and become at the minimum neutral to sales.
  • Following the significant 2022 decline, the stock’s valuation is engrossing.

The post JP Morgan’s Analyst Upgrades Meta, Price To Shoot Up? appeared first on CoinGape.

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