Following a successful year for Meta Platforms (NASDAQ: META), during which its stock managed to grow by over 170%, culminating with a recent 15% rally on February 2, analysts continue to be firmly optimistic about the share price of the social media giant for the next 12 months.
Indeed, the stock of the social media company that manages other related subsidiaries has recorded steady growth during the majority of 2023, making a more decisive move to its all-time high (ATH) in February after it reported blockbuster earnings growth for the final three months of 2023.
Wall Street weighs in on Meta stock
In this context, a group of 41 Wall Street analysts has offered their perspective regarding the price of Meta stock for the next 12 months, giving it a ‘strong buy’ rating based on 38 experts suggesting a ‘buy,’ two of them going with a ‘hold’ recommendation, and only one advising a ‘sell.’
Furthermore, they have offered their 12-month targets over the last three months, according to which Meta stock’s average price could end up at $528.54 in this period, which would represent a 12.72% gain from its current price, with the upper target at $575 (+22.63%) and the lowest price tag at $430 (-8.3%).
Meta stock price analysis
Meanwhile, Meta stock was at press time trading at $468.90, recording a 0.17% increase on the day while advancing 2.07% in the last week, gaining 25.21% over the past month, and growing 171.23% across the year, as per the most recent data retrieved on February 13.
Overall, Meta stock could, indeed, meet the experts’ forecasts of further price increases over the next 12 months, particularly against the backdrop of its outperformance versus competitors this week, as well as the platform testing new features, all of which contribute to its positive outlook.
On top of that, Meta has performed better than 98% of all other assets in the stock market over the year, in addition to outperforming 100% of the other 68 stocks in the interactive media and services industry, as it is showing a bull flag chart pattern and healthy liquidity of over 19 million traded shares per day.
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