Meanwhile, Brent Thill, Jefferies analyst, was a guest on CNBC’s Squawk Box on September 30, where he discussed the firm’s state and which headwinds will cause pain. He also added:
META chart and analysis
In the last month, META has been trading from $134.12 to $171.39, staying in the lower part of its 52-week range and below all moving averages. Technical analysis indicates a resistance line at $144.06 and a support line at $133.52. Nevertheless, TipRanks analysts rate the shares a ‘moderate buy,’ with the average price in the next 12 months reaching $223.09, 63.54% higher than the current trading price of $136.41. Notably, out of 34 Wall Street analysts, 27 have a ‘buy’ rating, five have a ‘hold’ rating, and two have a ‘sell’ rating.
Multiple headwinds
Thill also indicated that the firm has recently decided to stall all hiring across the board, suggesting that things may actually worsen with growth ending up negative for the quarter. Heading into economic uncertainty, things can get much worse for Meta and other tech stocks, especially if rates keep rising. All in all, according to the analyst, there is more pain in store for tech stocks, but the positive thing that investors could take out of the markets is that the valuation of the former high-flying tech stocks is coming down to more reasonable levels. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
