Meta Stock Is Plunging. Wall Street Rolled Out Downgrades After Earnings.

Meta Platforms’ third-quarter earnings miss and spending plans led to analyst downgrades Thursday as the social-media giant’s spending plans unsettled investors. 

Cowen analysts led by John Blackledge downgraded Meta (ticker: META) to Market Perform from Outperform, and slashed the price target to $135 from $205. They estimated Meta is set to book more than $21 billion in operating losses on its Metaverse activities in 2023, against an annual run-rate of $15 billion this year.

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