The “right move” for investors is to “continue to hold Meta shares”, says Gene Munster. He’s a managing partner at Deepwater Asset Management.
Munster sees a 50% upside in Meta stockMunster made the aforementioned comment a day after Meta Platforms Inc (NASDAQ: META) said its profit more than tripled in its fourth financial quarter (read more).
Speaking with CNBC this morning, he cheered the company’s recent quarter as one with “a lot of good things to talk about”. In fact, the Deepwater analyst now finds it conceivable for $META to be a $700 stock “over the next couple of years”.
It’s not his official price objective, though – at least for now, Munster confirmed.
Meta stock is up a whopping 17% in premarket on Friday after coming in well ahead of Street estimates on almost all fronts in its fiscal Q4.
Watch here: https://www.youtube.com/embed/IpwRLNfNgQs?feature=oembedMunster hails Meta for announcing a dividendGene Munster was positively “surprised” last night when Meta Platforms Inc said it will pay 50 cents a share in dividend on March 26th.
He read it as “a sign they feel confident about the future”. The Deepwater expert also told clients in a research note today that things look good at $META “but will likely get better” moving forward.
On Thursday, Mark Zuckerberg – chief executive of the tech behemoth said he plans on going big on artificial intelligence which also contributed to Munster’s super bullish view on Meta stock.
⚠️ JUST IN:
*META CFO: WE DON'T EXPECT GEN AI PRODUCTS TO BE A MEANINGFUL DRIVER OF REVENUE IN 2024$META pic.twitter.com/0NQaqJtMmH
Note that the Nasdaq listed firm is committed to keeping a lid on hiring which will help in keeping costs under control as well.
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