Why Meta Platforms Stock Got Punished Today
Meta Platforms (NASDAQ: FB) might be the king of social media thanks to its all-powerful core assets Facebook and Instagram, but the company's stock wasn't treated like royalty on Wednesday. Investors traded it down by nearly 2% on the day, following cuts to pre-earnings price targets by a clutch of analysts.
More than one prognosticator has become notably cooler on Meta Platforms' stock of late. On Wednesday, Guggenheim's Michael Morris took a pair of scissors to his target on the social media giant, trimming it to $365 from the previous $395. Since the new level still implies a more than 20% gain from the current price, though, he's maintaining his buy recommendation on the shares.
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Source Fool.com
