Shares of Facebook parent company Meta Platforms (NASDAQ:FB) are surging today after the technology giant reported better-than-expected first-quarter earnings.
FB stock is up 15% today after Meta Platforms reported that it added more users than forecast in Q1. The company reported 1.96 billion daily users for Facebook, a return to growth after reporting its first-ever decline in Q4 2021. Analysts had estimated 1.95 billion Facebook users for the first quarter.
Additionally, Meta Platforms announced that its Q1 revenue rose 6.6% to $27.91 billion. This came in slightly below the consensus analyst estimate.
Prior to today, Meta Platforms stock had fallen nearly 50% this year. Investor confidence faltered when Q4 results missed expectations, prompting concerns about its online ad business.
So now that Meta Platforms seems to have redeemed itself, is the stock a buy? Here are ratings and price predictions for FB stock from three Wall Street firms.
FB Stock Price Predictions
- Raymond James has an “outperform” rating on Meta Platforms stock and a price target of $290 a share, implying 50% upside from current levels.
- Citigroup has a “buy” rating on FB stock and a price target of $300, which would be 54% higher than where the shares currently trade.
- Credit Suisse also maintains a “buy” rating on Meta Platforms stock with a price target of $273, suggesting 40% growth potential.
What’s Next for Meta Platforms
Among 49 professional analysts who cover Meta Platforms, the median price target on the stock is currently $300, which would be 53% higher than current levels. Investors should keep in mind that price targets on FB stock are likely to be revised in the coming days and weeks following the company’s strong first-quarter results.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.