Meta Platforms (META)

Apr 28, 2023Trade Ideas

On March 23, we mentioned that Meta Platforms (META) could push higher from about $202. In fact, we noted, “If META can break above double-top resistance around $207, it could see $225 next.” And that’s what happened, thanks to earnings.

At the moment, META trades at $238.56 – and could see higher highs on strong earnings, a strong outlook, and cost-cutting. For the first quarter, Meta saw EPS of $2.20 a share on sales of $28.65 billion. That was better than expectations for EPS of $2.02 on sales of $27.7 billion. As for guidance, the company is anticipating revenue in the range of $29.5 billion to $32 billion, versus the $29.5 billion consensus.

META also cut its spending outlook again, reducing full-year expenses to a new range of $86 billion to $90 billion from $86 billion to $90 billion.

Helping, Mizuho analysts reiterated a buy rating, with a $235 price target.

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