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Meta At All-Time High: Analysts Still Bullish As Stock Climbs 44% YTD, Technical Momentum Intact

Published 05/04/2024, 15:56
Updated 05/04/2024, 17:10
© Reuters. Meta At All-Time High: Analysts Still Bullish As Stock Climbs 44% YTD, Technical Momentum Intact

Benzinga - by Surbhi Jain, .

Meta Platforms Inc (NASDAQ:META) saw its shares surge to a new all-time high of $530 per share on Thursday. This upward movement was driven by positive sentiment following Jefferies’ reiteration of a Buy rating and an increase in the price target from $550 to $585.

Over the recent past, Meta Platforms’ stock performance has been impressive, with shares recording a 137.95% increase over the past year and a 44.34% gain year-to-date.

Related: What’s Going On With Facebook Parent Meta Platforms’ Stock?

Valuation Remains Favorable, Analysts See Upside, Despite The Surge

Alphabet Inc Google

Moreover, recent analyst ratings from Jefferies, Wells Fargo, and Roth MKM on April 4, April 3, and March 18, suggest an average price target of $561.67 for Meta stock, indicating a potential upside of 9.30% from current price levels.

Meta Price Chart Exhibiting A Strong Bullish Trend

From a technical standpoint, Meta stock exhibits a strongly bullish trend. The stock is trading above its 5, 20, and 50-day exponential moving averages, signaling positive momentum. Additionally, Meta stock’s moving averages and other technical indicators such as Moving Average Convergence Divergence (MACD) and Bollinger Bands suggest a bullish sentiment.

However, Meta Platforms’ Relative Strength Index (RSI) of 63.22 indicates that it’s nearing overbought conditions, which investors should consider. Despite this, the overall bullish momentum and positive analyst sentiment position Meta as a potentially attractive investment opportunity amid the company’s continuous innovation and growth in the digital landscape.

META Stock Price Action: Shares of Meta were up 3.1% to $527.14 at the time of publication Friday.

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Read Next: Mark Zuckerberg’s Meta Draws Line Against FTC’s Planned Privacy Accord Update, Cites Compliance Efforts

Photo: Shutterstock

Latest Ratings for META

Jul 2020DesjardinsInitiates Coverage OnBuy

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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