ANALYSTS AT WEDBRUSH SECURITIES INC. RAISED THE TARGET PRICE OF THE EMITTER'S SHARES TO 420.0 DOLLARS

Current trend

Shares of Meta Platforms Inc., an American multinational holding company that owns a technology conglomerate and the largest social network Facebook, are trading in a corrective trend at 358.71.

The specialists of the analytical company Wedbrush Securities Inc. raised the target price for the emitter's shares from 350.0 dollars to 420.0 dollars and their rating to "Outperform". According to experts, Meta Platforms Inc. will receive significant revenue from the monetization of new products such as Reels and click-to-message, as well as the development of generative artificial intelligence (AI) Meta AI.

The company's financial report for Q4 and the whole of 2023 will be published on January 31, and analysts expect revenue to grow to 38.9 billion dollars, which is significantly higher than 34.15 billion dollars in Q3, while earnings per share (EPS) may increase to 4.84 dollars from 4.39 dollars in the previous period.

Support and resistance

On the D1 chart, the instrument is moving in a global uptrend and is held near the resistance line of the ascending channel with dynamic borders of 360.00–334.00, preparing to update the maximum of last year at 363.00.

Technical indicators hold the buy signal, gradually strengthening it: the fast EMAs of the Alligator indicator continue to move away from the signal line, and the AO histogram, being in the purchase zone, forms ascending bars again.

Support levels: 345.00, 315.00.

Resistance levels: 365.00, 390.00.

Trading tips

If the local growth of the asset continues and the price consolidates above the resistance level at 365.00, one may open long positions with the target at 390.00 and stop-loss at 355.00. Implementation time: 7 days and more.

If the downward movement continues and the price consolidates below the local support at 345.00, one can open short positions with the target at 315.00 and stop-loss at 360.00.