The latest round of layoffs at Meta Platforms is boosting Wall Street's confidence in its upside potential.
The latest round of job cuts at Meta Platforms is boosting Wall Street's confidence in the upside potential for earnings in the months and year ahead. The social media giant on Tuesday said it would slash 10,000 roles and close 5,000 open positions as it focuses on cost cutting. It's another round of eliminations after Meta's announcement in November that it would be laying off 13% of its workforce.
Wells Fargo's Brian Fitzgerald also lifted the investment bank's price target to $280 from $250 a share, implying about 44% upside from Tuesday's close. Job cuts could occur in the company's Reality Labs division, signaling Meta's shift from a focus on the metaverse to artificial intelligence, said Jefferies analyst Brent Thill in a Tuesday note.
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