Stocks Analysis by MarketBeat.com (Sam Quirke) covering: Truist Financial Corp, Meta Platforms Inc. Read MarketBeat.com (Sam Quirke)'s latest article on Investing.com
However, the fundamental and technical business case supports the long-term opportunity.Despite notching a fresh all-time high less than a month ago, it’s been a tough couple of weeks for shares of Meta Platforms . The tech giant was already starting to see its shares soften in the second half of April as the broader market began selling off, but they took an even bigger dip last week.
While investors were justifiably spooked by light forward guidance, it’s fair to say this was quickly priced into the shares with the 15% drop. Remember, this is still a $1 trillion company reporting more than 25% revenue growth. Having now had a few more days to digest the news, the sideways consolidation and inability of the bears to bring the shares down any further suggest Wall Street has gotten over it.
In the past week alone, Loop Capital’s bullish stance joined that of the teams from Citigroup, Truist Financial , TD Cowen, and Royal Bank of Canada, to name just a few. While the latter trimmed its price target back from the $600 it was at before earnings, it was only brought down to $570, a full 30% higher than where shares are currently trading.
With an RSI of 33, which was even lower at 29 earlier this week, it’s fair to say Meta is heavily extended. Don’t be surprised to see the momentum swing heavily to the buyer’s side ahead of the weekend. This would be a solid signal to watch for ahead of any recovery rally, which, based on the reasons above, is certainly on the cards.
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