Meta Platforms is a Wall Street darling again.
The company’s shares continued their winning streak on Thursday (Apr 27), surging nearly 14 per cent after Meta’s focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value this year.
Meta is set to add around US$75 billion to its market valuation and overtake Nvidia as the best-performing stock in the S&P 500 index on a year-to-date basis, if gains hold.
The rally also lifted other tech companies from Snap and Pinterest to Amazon.com by as much as 3.1 per cent.
“If you want to be treated and valued like a growth stock, you need growth! And this is precisely what Meta delivered returning to growth … just as questions around a potential recession get louder,” Bernstein analyst Mark Shmulik said in a note.
Shmulik was among the 27 analysts who raised their price targets on Meta, pushing the median view to US$270, which represents an upside of nearly 13 per cent to a stock that is already leading gains among Big Tech companies this year.
