For Meta Platforms Inc. bulls, the biggest one-day stock wipeout in history is a fading sight in the rear-view mirror.
The Facebook owner’s shares have nearly quadrupled since a low in November last year, which came after a $251 billion crash in February. By one measure, analysts have never been more confident that further gains are ahead.
Of the 70 analysts tracked by Bloomberg that cover the social media giant, 62 have buy-equivalent ratings on the stock. That’s the highest number since the firm’s initial public offering in 2012.
“We don’t think you have to be a believer in the metaverse story to like the stock,” Stifel Nicolaus analyst Mark Kelley wrote in a note on Tuesday.