Meta Stock Could Reach $520 by July 2024 Earnings Report

META

Why Meta Stock Could Reach $520 by July 2024 Earnings Report
Meta Platforms, Inc., formerly known as Facebook, has been making significant strides in its business operations, which could potentially drive its stock price to $520 by the time of its July 2024 earnings report. Here are some key reasons:

1. Strong Performance in Q1 2024
Meta reported a robust first quarter in 2024, with revenue soaring 27% to $36.4 billion compared to the same period last year1. Net income also saw a substantial increase of 117% to $12.4 billion. This strong financial performance indicates a healthy growth trajectory for the company.

2. Significant Investment in AI
CEO Mark Zuckerberg has announced plans for significant investment in artificial intelligence2. While this initially caused a 12% slump in the META stock price, it’s a strategic long-term investment that could potentially drive future growth and profitability.

3. Positive Stock Forecasts
Analysts have made positive predictions about Meta’s stock price. For instance, WalletInvestor forecasts a price of $517.58, while TipRanks predicts a price of $547.45. These predictions suggest a potential for the stock price to reach $520.

4. Expected Growth in Q2 2024
Meta’s CFO has projected total revenue for Q2 2024 to be in the range of $36.5-39 billion. This expected growth could further boost investor confidence and drive up the stock price.

5. Long-Term Growth Potential
Meta has demonstrated a long-term growth potential, with its stock price rising 110% from $209.40 to $441.38 in the 12 months leading up to April 25, 2024. This trend suggests that the company has the potential to reach the $520 mark by July 2024.