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A sizzling summer for Meta stock (META) could extend into the fall as Wall Street rallies around the notion that shares of the Mark Zuckerberg-led tech outfit are still cheap.
"How could a stock that is now up 165% year to date possibly be one of our Top Picks?! 1) Because valuation is still cheap," said Mark Mahaney, a veteran tech analyst at Evercore ISI.
"Meta remains much closer to a trough than a peak multiple, and we believe the Street woefully underestimates the EPS potential here," Mahaney added as investors digest an 11% move in the stock in July.
The widely followed analyst isn't wrong in calling out Meta's relatively cheap price-to-earnings (P/E) multiple, which looks attractive relative to the broader market given the company's projected future growth rate.
Meta's stock currently trades on a P/E multiple of 19.2 times estimated calendar 2024 earnings, below the S&P 500's level of 21. Yet, Meta is expected to grow profits significantly higher than the broader market in 2023 and 2024.
Analysts are projecting Meta's profits will increase by 30% in 2023, accelerating to 31% growth in 2024. Earnings for the S&P 500 are expected to fall slightly in 2023 and only rise 12.5% in 2024, according to Yardeni Research.
The Meta as a "cheap" stock narrative is also supported by a peek at valuation versus recent historical norms.
Meta's current forward price-to-earnings multiple is relatively in line with its median three-year average of 19.8 times as calculated by Mahaney. But again, Meta has the drivers in place to support better earnings growth than the 29% average over the past three years.
And the tentacles of the Meta fundamental story explain the more upbeat profit estimates by the Street.
The debut of Threads in July is being viewed as strong. Sign-up demand seems to be slowing from the initial excitement, but having millions of people engage with a new product when a formidable entrenched competitor is in the market — in this case, Elon Musk's Twitter — is a win for the Meta bull case.
Meta will likely look to monetize Threads in 2024, execs hinted on the company's second quarter earnings call last week.
Meanwhile, Meta joined forces with Microsoft (MSFT) to introduce its next-generation open-source large language model, Llama. Meta is right in the heart of the AI discussion, opening the door to greater profit potential.
And this innovation is coming amid a significantly streamlined cost base for Meta. The company has fired a lot of people in the past year. This aggressive cost-cutting has freed up teams to move quicker.
Meta's CFO Susan Li told Yahoo Finance Live (video above) the company's "year of efficiency" has set it up "to be in a good place from a cost structure perspective" and that, as a result, the business is a "faster, nimbler company."
Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email firstname.lastname@example.org.
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Ready or not, here come the A.I. bots.
Meta is gearing up to roll out AI-powered chatbots with different personas as early as next month, according to a new report from the Financial Times. The chatbots are designed to have humanlike conversations with users on Meta's social media platforms, including Facebook and Instagram. The report indicates that these chatbots will take on different personas, including one that advises users on travel plans in the style of a surfer and another that speaks like Abraham Lincoln.
Microsoft, Alphabet, Meta and Nvidia are part of the Zacks Earnings Trends article.
Apple's (AAPL) third-quarter fiscal 2023 results are expected to reflect a slowing Services business.
For the 335 S&P 500 companies that have reported Q2 results, total earnings are down -9.8% from the same period last year on +0.3% higher revenues. Soon, we'll hear from market heavyweights Apple and Amazon.
Schrodinger, Inc. (SDGR) delivered earnings and revenue surprises of 51.16% and 0.25%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
Portillo's Inc. (PTLO) delivered earnings and revenue surprises of -14.29% and 0.56%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
CommScope (COMM) delivered earnings and revenue surprises of -51.28% and 6.07%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
Unity Software's (U) second-quarter 2023 results reflect a year-over-year improvement in the top and bottom lines.
Shares of Tupperware, Rite Aid and trucking giant Yellow have been on a wild ride. The eye-popping swings in recent days are reminiscent of the meme-stock craze during the pandemic that turned [GameStop into an unlikely stock-market star](https://www.
New York Mortgage Trust (NYMT) delivered earnings and revenue surprises of -400% and 35.09%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
JPMorgan Chase CEO Jamie Dimon criticized Fitch's decision to downgrade the U.S. government's credit rating, calling it “ridiculous.” “I would point out to the rating agencies if I could that there are a bunch of countries rated higher than us, like AAA, but they live under the American enterprise military system.
If you're like most S&P 500 investors, you're celebrating your nearly 18% gains this year. But doubters are betting it's too good to last.
EVgo reported a per-share loss of 8 cents from $50.6 million in sales. Wall Street was looking for a 26-cent loss from sales of $29.5 million.
Johnson & Johnson is allowing shareholders to swap for shares of Kenvue, which has brands like Tylenol, at a discount.
The company reported non-GAAP earnings of $1.16, edging out expectations at $1.15 a share, according to FactSet.
Hudson Tech (HDSN) delivered earnings and revenue surprises of 7.89% and 4.76%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
Globalstar (GSAT) delivered earnings and revenue surprises of 100% and 6.75%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
While the top- and bottom-line numbers for Air Products and Chemicals (APD) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
The headline numbers for Marathon Oil (MRO) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
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