Many market analysts are raising their targets for Meta Platforms (META) stock performance for fiscal quarter three of 2024. Over this year, META has performed extremely well, climbing 66% year-to-date. In a current peak of indices on the market, META currently sits at 586.00, up there with the best stocks in technology and information. As the parent company of Facebook plans to release its Q3 earnings later this month, there is optimism that another positive earnings report will further boost the asset’s stock value.
Indeed, analysts with Stifel and Goldman Sachs both raised their target price and estimates for Meta stock. Each wrote in separate client notes before the market opened Monday that Meta is moving in a positive direction. Stifel analyst Mark Kelley’s preview for third-quarter digital advertising results said industry check-ins for Meta were “positive across the board.” He specifically cited that there is good potential in the AI-powered ad tools for Facebook, Instagram, and Messenger called Advantage+. “We believe the Advantage+ suite is still underpenetrated, and positive feedback suggests there is still room for increased adoption, which may translate into greater budget allocation across Meta,” Kelley wrote, raising Stifel’s price target for Meta stock to 663 from 590.
In a similar vein, Goldman Sachs analysts also pushed their META stock predictions in Q3 to 636 from 555. The analysts are currently “buy-in” on the stock, citing expectations for strong topline growth.
Also Read: JP Morgan Issues Major Warning About the Global Economic Situation
How High Could Meta Go After Q3 Earnings Report?
Goldman Sachs and Stifel aren’t the only firms raising their estimates for Meta. Meta will release its third-quarter results after the market closes on Oct. 30. According to a Factset Poll of market analysts, Meta will post earnings of $5.20 per share, up 18% from a year earlier. Analysts also project sales will increase 17.6% to $40.16 billion. Furthermore, Meta’s average target price from the 70 analysts following the stock is 601.79, according to FactSet. This is an uptick from 587.56 at the start of the month.
Commentary on third-quarter advertising spending is also positive surrounding META, according to Stifel’s Mark Kelley. “U.S. election advertising ramped significantly after a sluggish start, which we believe was largely due to lack of visibility on the Democratic Party ticket; this provides some cushion to 3Q and should translate into some upside to 4Q guides,” Kelley said in the Monday note.
Meta stock is currently trading above a 5% buy range from a 542.81 consolidation-pattern buy point, according to a MarketSurge analysis.