Analysts lower price targets for Meta Platforms (META) stock

Wall Street analyst firms lowered their price targets for Meta Platforms shares following the release of their Q3 2022 report. Meta Platforms (META) shares have lost over 20% since the report was published. As of October 31, 2022, the stock ended trading at $93.16. Since the beginning of 2022, the stock has fallen in price by more than 3 times compared to the maximum price, which was set at $336.35.

The company continues to invest in developments related to augmented and virtual reality. At the same time, the main advertising business is losing profits due to a slowdown in the global economy.

Net income fell immediately by 52% to $4.39 billion. Earnings per share (EPS) amounted to $1.64 (analysts had expected $1.89). Q3 2022 quarterly revenue decreased to $27.7 billion (-4.5%). The company also published a weak revenue forecast for the next quarter. The company expects revenue in the 4th quarter of 2022 to be between $30 billion and $32.5 billion (analysts forecast $32.2 billion). Analysts Cowen & Co., Goldman Sachs, UBS, Morgan Stanley, Mizuho and others lowered their price targets following the release of their Q3 2022 report.