Meta Stock Surge Propels it back over $500 Billion in Value.
A spectacular turnaround in Meta Platforms Inc.'s stock is bringing back flashes of Big Tech heydays.
None of Hong Kong will give away 500,000 air tickets to Revive Tourism.
Facebook owner's stock surged by 26%, its biggest intraday jump in nearly a decade, to help it trade over $500 billion in market capitalization. The latest rally came after Chief Executive Officer Mark Zuckerberg pledged Wednesday to make the social media company leaner. After the earnings report, analysts welcomed the move, with three brokerages upgrading their recommendations on the stock.
The advance came almost a year to the day since Meta posted the worst one-day crash in the stock market history.
The company has gained more than $260 billion in market value since its November low, cementing its position as the best performing stock on the S&P 500 Index in the last three months, thanks to Thursday s gains. According to data from Bloomberg, the social media giant is adding $90 billion to its market cap, its biggest single-session market value gain.
In future years, we'll look back at 2023 as the sentiment shift for META shares, according to Barclays Plc analyst Ross Sandler, raising the price target to $260 from $165.
There was plenty of room for a reversal after Meta's worst year as a public company. The Facebook owner plunged 26% last year on the back of disappointing earnings, erasing $250 billion in market value, the biggest wipeout in stock market history.
The stock is still 50% less than its 2021 peak, but analysts think there is a bull case building after the company's latest update.
Brian Nowak, Morgan Stanley analyst, said there was an impressive sea change at Meta, and he increased his price target on the shares to $190 from $130.
Nowak wrote in a note that meta's cultural change focused on efficiency is leading to lower costs while investments are driving faster revenue growth.
With help from Matt Turner, Tom Contiliano and Kit Rees.