1 Wall Street Analyst Thinks Meta Platforms Stock Is Going to $570. Is It a Buy?
When analysts cut price targets on a stock, it doesn't necessarily mean they changed their recommendation. One recent example was a post-earnings haircut for Meta Platforms (NASDAQ: META) shares made by a pundit tracking the tech giant's stock.
Despite the cut, this prognosticator kept his buy recommendation intact, going somewhat counter to current market sentiment on the company. Let's take a glimpse at that take to see how realistic it might be.
The analyst in question was RBC Capital's Brad Erickson, who reduced his Meta price target to $570 per share from the preceding $600. A $30 downward adjustment in a stock could be considered a major move, regardless Erickson stayed the course by maintaining his outperform (aka buy) rating on the company. The lowered target still implies a nearly 31% upside over the next 12 months.
Source Fool.com
