META: Meta Stock Jumps 3.7% After Analyst Upgrade, Hits Fresh 2-Year High at $370

Shares of Facebook parent have staged a surprise comeback after a bruising 2022, prompting Zuckerberg to offload nearly $500 million worth of stock.

• Meta stock META added 3.7% on Wednesday, hitting a two-year high of $370 a share. Upbeat projections from an investment firm bumped the price. Japan-based Mizuho Securities raised its 12-month share price target to $470 from $400 in anticipation that Meta’s chat platform WhatsApp will top revenue consensus. Increased use of AI was cited as a sales booster as well.
• Meta Platforms, formerly Facebook, lost a staggering 70% in 2022 when founder and CEO Mark Zuckerberg rebranded the company to position it for the expected boom of the Metaverse. In 2023 shares staged a majestic comeback, adding about 190%. With yesterday’s gain factored in, Meta boasts a valuation of $950 billion.
• The red-hot sizzle must’ve been too much even for Zuckerberg. The steak-loving chief executive sold 1.28 million shares in November and December, cashing out roughly half a billion dollars. Earlier this week he unveiled his latest venture – raising world-class beef cattle on his sprawling luxury Hawaii estate.