Meta's stock market rebound to surpass US$200B in value - BNN Bloomberg

A spectacular turnaround in Meta Platforms Inc.’s stock is bringing back flashes of Big Tech heydays.

The Facebook owner’s recovery in market value since a November low is set to surpass US$200 billion when U.S. trading opens. The shares surged as much as 20 per cent in premarket trading after Chief Executive Officer Mark Zuckerberg pledged Wednesday to make the social media company leaner. Analysts welcomed the move, with some hiking price targets by more than US$70 after the earnings report.

“In future years we will probably look back at 2023 as the sentiment shift for META shares,” Barclays Plc analyst Ross Sandler wrote in a note, raising the price target to US$260 from US$165. The stock is still about 60 per cent below its 2021 peak, but analysts see a bull case building after the company’s latest update. Meta’s market value was US$397 billion as of Wednesday’s close.

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