Why Meta Platforms Stock Beat the Market on Thursday
Meta Platforms (NASDAQ: META), a stock that has done rather well so far this year, had another good trading session on Thursday. The social media giant's share price inched 1.4% higher, slightly outpacing the S 500 index's 0.9% gain. While there was no market-shaking news from the company itself, it was the subject of a new, positive analyst note.
That note was authored by RBC Capital's Brad Erickson, who reaffirmed his outperform (buy) recommendation on Meta Platforms stock, and his $285 per share price target. That's a healthy 13% above the current price level.
Erickson's move is due to his new take on the social media company's advertising formats, which late last year saw a revamp. The analyst said he and his team did a deep dive into the latest offerings, including click-to-message and business messaging.
Source Fool.com
