"Shares of Meta Platforms pulled back due to tariff concerns and a lowered price target from Jefferies amid signs of a softening macro environment."
"Meta's CEO highlighted the potential of its AI chatbot, aiming to be the leading option by late 2024, amidst concerns over advertising spend."
Meta Platforms' shares fell on concerns about upcoming tariffs and a revised analyst price target from Jefferies, amid macroeconomic shifts. The stock, down 2% after opening down 4.1%, reflects the company's vulnerability to advertising budget cuts in recessionary times. Jefferies, while dropping the price target from $810 to $725, maintained a buy rating and did not alter earnings estimates. Despite economic challenges, Meta showed strong growth in 2024 and plans to lead in AI, suggesting future resilience and a potential value with a P/E of 23.5.
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