Even though the stock has slumped this year, JPMorgan sees a healthy upside for Meta in 2023.
Now is the time to snap up shares of Meta at a discount, according to analysts at JPMorgan. The firm upgraded shares of the social media company to overweight from neutral and boosted its price target to $150 from $115 in a Dec. 16 note. That implies a nearly 30% upside from Thursday's close.
While JPMorgan doesn't see a material improvement in 2023, but the changes from Apple that hurt ad spend will be less of a headwind. Competition against TikTok is heating up, but Meta should be able to keep its user engagement relatively steady. "Heading into 2023, Meta should be comping peak TikTok impact early in the year, and we believe overall Meta engagement remains solid, with time spent per user stabilizing," said Anmuth. In addition, the U.S.
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