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Should You Buy #1 (Strong Buy)-Ranked Meta Platforms (META) for Your Portfolio?
Meta Platforms was upgraded to the Zacks Rank #1 list on March 17, 2023. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Meta Platforms is the world’s largest social media platform. The company’s portfolio offering evolved from a single Facebook app to multiple apps like photo and video sharing app Instagram and WhatsApp messaging app owing to acquisitions. Along with in-house developed Messenger, these apps now form Meta’s family of products used by almost 3.81 billion people on a monthly basis as of Mar 31, 2023.
14 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2023. The Zacks Consensus Estimate has increased $1.60 to $12.04 per share. META boasts an average earnings surprise of 15.5%.
Analysts are expecting earnings to grow 22.5% for the current fiscal year, with revenue forecasted to rise 9%.
META has been moving higher over the past four weeks as well, up 17.1% compared to the S&P 500's gain of 4.1%.
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Meta Platforms could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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