Meta Up 19% After-Hours, Sticking With Our Buy Rating
We were bullish on META since near the lows and I said yesterday (to subscribers) I was bullish going into this earnings.
Stock up 19-20% currently on this report as I write this. Oh my.
Ex-one-timers EPS blew out EPS by like $1.12.
There were a lot of positives that sent the stock flying. They lowered their expense target for 2023. DAU accelerated, which we had expected and is usually the key for the stock.
We still have upside in our model currently 20 PE x 2023 EPS of $9.79 = $196.
It blew through it's 200 day today which is a technically bullish sign. I do think there's some resistance at 185. Purely technically if it has a convincing close above 185 it can go to 250. A nice close and there's running room much higher.
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