Meta's stock carries an interesting setup heading into 2023, and JPMorgan is feeling bullish
The Facebook parent company continues to be dogged by an array of challenges, including competitive pressures from TikTok, ad-targeting difficulties brought on by Apple Inc.’s AAPL privacy changes, and a rocky macroeconomic climate that’s been weighing on marketer sentiment.The Facebook parent company continues to be dogged by an array of challenges, including competitive pressures from TikTok, ad-targeting difficulties brought on by Apple Inc.
“[H]eading into 2023, we believe some of these top- and bottom-line pressures will ease, and most importantly, Meta is showing encouraging signs of increasing cost discipline, we believe with more to come,” Anmuth wrote, while also upping his price target on Meta’s stock to $150 from $115.For one, he likes the company’s increased cost controls, and he anticipates that management could continue to take a more disciplined approach to the business.
“Overall, while trends remain choppy & are also pressured by macro, we are at least hearing some early anecdotes of marketers & agencies bringing ad dollars back to Meta due to its scale & still strong ROI [return on investment],” he wrote.
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