5 Stocks Getting a Huge Vote of Confidence From Wall Street Analysts

01. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 220

Following its strong Q2 performance, Meta Platforms, Inc. (NASDAQ:META) has received several upgrades from analysts. One such upgrade comes from China Renaissance analyst Ella Ji, who raised the rating from Hold to Buy and set a price target of $380. The better-than-expected Q2 results were driven by Meta Platforms, Inc. (NASDAQ:META) continued progress on its ‘year of efficiency’ pledge for 2022, which likely contributed to the company’s impressive advertising revenue growth of 12% year-over-year, amounting to $31.50 billion.

For the upcoming Q3, Meta Platforms, Inc. (NASDAQ:META) has provided revenue guidance in the range of $32 billion to $34.5 billion, surpassing the consensus estimate of $31.2 billion. This optimistic outlook for Q3 further supports the upgrades from analysts. The upgrades from various analysts indicate a positive sentiment towards Meta Platforms, Inc. (NASDAQ:META) and suggest that investors may view the company as having strong growth potential.

ClearBridge Large Cap Value Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2023 investor letter:

“The standout contributor for the quarter was Meta Platforms, Inc. (NASDAQ:META), which we bought in the fourth quarter of 2022. We still feel good about Meta shares after the rally, with positive drivers that we found attractive in late 2022 — large scale advantages in driving user engagement, the ability to invest in tools to monetize its audience, cost discipline and a strong balance sheet — still in play.”

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