Meta Platforms Stock Gets Upgraded Going Into Earnings - Here's Why
Portfolio Pulse from Anusuya Lahiri
Meta Platforms Inc (NASDAQ:META) shares are trading higher after New Street Research analyst Dan Salmon upgraded the stock from Neutral to Buy with a $350 price target. The upgrade was due to the release of Llama 2, developed in conjunction with Microsoft Corp (NASDAQ: MSFT) and Qualcomm Inc (NASDAQ:QCOM), and the positive takeaways from Meta's AI Speaker Series. The analyst also noted the potential for monetization of WhatsApp and Messenger and the company's Metaverse initiatives.
July 25, 2023 | 2:20 pm
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NEUTRAL IMPACT
Microsoft Corp was mentioned as a preferred partner in the development of Llama 2, which influenced the upgrade of Meta Platforms Inc's stock.
Microsoft Corp's involvement in the development of Llama 2 has been noted as a positive factor in the upgrade of Meta Platforms Inc's stock. However, as this news is more directly related to Meta Platforms Inc, the impact on Microsoft Corp's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Qualcomm Inc was mentioned as supporting the development of Llama 2, which influenced the upgrade of Meta Platforms Inc's stock.
Qualcomm Inc's support in the development of Llama 2 has been noted as a positive factor in the upgrade of Meta Platforms Inc's stock. However, as this news is more directly related to Meta Platforms Inc, the impact on Qualcomm Inc's stock is likely to be neutral in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Meta Platforms Inc's stock has been upgraded from Neutral to Buy by New Street Research analyst Dan Salmon, with a $350 price target. The upgrade was influenced by the release of Llama 2 and the potential for monetization of WhatsApp and Messenger.
The upgrade of Meta Platforms Inc's stock by New Street Research analyst Dan Salmon is a positive signal for the company. The release of Llama 2, developed in conjunction with Microsoft and Qualcomm, and the potential for monetization of WhatsApp and Messenger are seen as strong catalysts for the company's growth. This could lead to a positive impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100