BofA Rates Meta at 'Buy' with a $375 Price Target, Representing Potential Upside of 19%

Meta Platforms (NASDAQ: META) stock is worth checking on Tuesday as investors react to a new bullish rating and price target for shares. According to Bank of America, the company has been rated 'Buy' with a price target of $375, representing potential upside of 19%. This news comes on the heels of Meta's strong performance this year, with its shares currently up 60.4% since the start of the year.

The bank expects Meta to guide fourth-quarter revenue high and sees total expenses of around $100 billion for 2024. Pros on CNBC discussed Meta after Piper Sandler raised the stock's price target amid concerns about forward ad growth and consumer weakness. However, Morgan Stanley analyst Brian Nowak believes that Meta is better positioned than GOOGL (Alphabet) and AMZN (Amazon) to weather any potential downturn.

Following today's upgrade, shares of META stock are up 1.1% as of this morning. This news comes on the heels of Starbucks quarterly earnings beat, which was fueled by higher prices. Its stock price has soared by 71.4% since its last earnings report.

Nowak increased his price target for Meta Platforms shares from $190 to $250, citing the company's strong performance and potential for future growth. In a note to clients obtained by CNBC, Nowak argued that Meta's stock has suffered a steep decline of 27.7% since it released its 2021 earnings report on February 10.

The new target is also above the consensus price target of $211.19 per share, representing a roughly 26.4% upside compared to Monday's closing price. For comparison, the analyst consensus rating for META is a 'moderate buy' based on 49 opinions.

Nowak upgraded the company's shares from an 'equal weight' rating to an 'overweight' rating, citing Meta's strong fundamentals and potential for future growth. With this new bullish rating and price target, investors may be taking a closer look at Meta Platforms (NASDAQ: META) stock in the coming days.

Meta etf stock price target