Meta stock has been hovering around 500 for several weeks, closing Tuesday at 499.76. But with first-quarter earnings due next week, analysts remain largely bullish on the stock, with some seeing a path for the Facebook stock to fly beyond a 600 price.
In a client note Tuesday, analysts at UBS reiterated a buy rating and upped their 12-month price target on Meta Platforms to 610 per share, up from 530. That's the highest target for Meta among analysts, as tracked by FactSet.
The team of UBS analysts led by Stephen Ju updated their target as part of a broader earnings preview for internet companies. For Meta, there is a "confluence of drivers for potential upside," Ju wrote.
The analysts expect newer initiatives for Meta to continue ramping up. That includes ad sales for Meta's Reels short video products and from its AI-powered Advantage+ ad sales platform. There is also an "ongoing tailwind" from Chinese advertisers targeting shoppers in other markets through Facebook and Instagram, the analysts said.
The firm set the new price target after updating its models for several internet companies, including Meta. Its price target represents a multiple of 22 times Meta's estimated earnings per share for the 12-month period ending March 2026.
Meta shares would need to rise nearly 20% to reach 600. So far this year, Meta stock is up more than 40%. But shares have hovered around 500 in recent weeks after a big gap-up following Meta's fourth-quarter earnings report in February.
Meta Stock: Earnings Next Week
Meta will report earnings on Wednesday, April 24. Other analysts have also raised their price targets for Meta stock ahead of the report. Stifel on Tuesday set its price target at 588, up from 527.
Piper Sandler analysts also see potential for Meta to reach 600. A team of analyst led by Thomas Champion upped Piper Sandler's target for the Facebook parent company to 600 from 525 in a client note last week.
"We continue to see upside to numbers and remain buyers despite the strong run in the stock," Champion wrote about Meta.
Overall, analysts project Meta will posts sales of $36.11 billion for its March quarter, according to FactSet, up 26% from the same period in 2023. Earnings are projected to rise 95% to $4.30 per share.
Meta has strong technical scores as well. The IBD Stock Checkup tool shows Meta stock holds a best-possible IBD Composite Rating of 99. The score means Meta stock currently tops nearly all other stocks in terms of key performance metrics and technical strength.
Meanwhile, Meta stock is on several IBD stock lists, including Tech Leaders, IBD 50, Big Cap 20 and the premium IBD Leaderboard list. But shares are still extended well beyond their last official buy point, which was 326.20 from a consolidation pattern, according to IBD MarketSurge.
