This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
What happened
Shares of Facebook parent Meta Platforms (NASDAQ: FB) finally got some love today. Following a year-to-date beating that was worsened by the company's disappointing fourth-quarter guidance, the stock rose by 5.37% on Wednesday.
The tech stock was likely up due to a combination of factors, including an upbeat day for the overall market and an analyst's move to reiterate a buy rating for Meta Platforms' shares.
So what
The stock's more than 30% drawdown following Facebook's fourth-quarter earnings report is creating a great buying opportunity, according to Tigress Financial analyst Ivan Feinseth. The analyst has a $466 12-month price target on the stock, as well as a "strong buy" rating. The analyst says that similar warnings of future revenue growth slowdowns in the past proved to present great buying opportunities; Feinseth implies that this situation could prove to play out similarly as it has in the past.
Meanwhile, the overall market is having a good day. As of this writing, the S&P 500 is up 1.1% and the tech-heavy Nasdaq Composite is up 1.5%. This optimism in the market could be bolstering returns for Meta Platforms stock.
Now what
In Meta's fourth-quarter earnings release, the company's CFO guided for top-line growth of just 3% to 11% in Q1. The company expects multiple headwinds to weigh on its business, including the impact of recent changes to the way ads are tracked and measured on Apple's iOS and a tough year-ago revenue comparison.
This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.
