META: Meta Stock Touches Intraday Record of $530 a Share on Analyst Praise, Upbeat Outlook

“Meta has too many advantages to count,” analysts at Jefferies said and raised their price target on the stock.

Key Points:

• Meta stock powers to intraday record.
• Meta shares up more than 40% this year.
• Zuckerberg eyes third place on world’s richest board.
• Meta stock META shot up to an intraday record on Thursday after a boost from analysts at Jefferies and RBC Capital. The two firms raised their price targets on the company’s shares and expressed optimism over the future outlook. As a result, Meta shares powered higher by nearly 5% to $530 a pop before coming down and closing the day up 0.8% at $510.92.
• Jefferies hiked the price target on Meta to $585 from $505 and RBC bumped theirs to $600 from $565. Moreover, the analysts wrote in a note that Meta has “too many advantages to count,” citing the company’s decision to inject $27 billion in capital expenditures over 2023. With that, the social media company developed “several strategic advantages over its peers.”
• Meta has enjoyed tremendous share-price growth. In 2023, the big tech giant’s stock skyrocketed about 200% and then jumped another 40% in the first quarter of 2024. Along the way, a stellar earnings report added fuel to the fire with investors pumping $204.5 billion into Meta’s market cap over a single session. Today Mark Zuckerberg’s net worth is standing at $180 billion, or $3 billion away from replacing Elon Musk as the third richest person on earth. The difference: Zuckerberg’s wealth has grown by over $51 billion this year, while Elon Musk’s has shrunk by over $45 billion.