Meta Platforms: stock up on broker comments
(CercleFinance.com) - Meta shares rose in New York on Wednesday, closing up 2%, as UBS reiterated its buy rating and $235 target price for the stock, which remains its "top pick".
The broker said that its 10,000 job cuts announced the previous day, combined with a freeze on 5,000 new hires, should help the technology group save 8 billion dollars a year.
According to UBS, further cost cuts are currently being considered, meaning that the Facebook and Instagram owner could add $2.43 per share to its EPS by 2024.
Assuming Meta manages to regain the momentum that it had in 2021, the broker estimates that the company could even generate over 18 billion dollars in additional revenue by then.
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