Scotiabank Sets ‘Sector Perform’ on Meta Platforms with Modest Price Expectations

Fintel reports that on October 11, 2024, Scotiabank initiated coverage of Meta Platforms (XTRA:FB2A) with a Sector Perform recommendation.

Analysts Forecast Slight Decline in Share Value

As of September 25, 2024, the average one-year price target for Meta Platforms sits at 522,43 €/share. This range varies widely from a low estimate of 236,77 € to a high of 624,84 €. Comparing this average price target to the last reported closing figure of 535,50 €/share indicates a potential decrease of 2.44%.

Revenue Projections Show Decline

The projected annual revenue for Meta Platforms stands at 139,098MM, reflecting a decrease of 7.13%. Additionally, the annual non-GAAP EPS is estimated at 11.74.

Fund Sentiment Indicates Growing Interest

Currently, 6,002 funds or institutions report stakes in Meta Platforms, marking an increase of 91 owners, or 1.54%, from the previous quarter. The average portfolio weight dedicated to FB2A across all funds is now 1.73%, rising by 2.47%. In the past three months, total institutional shares owned grew by 3.45% to 1,933,250K shares.

Notable Shareholder Activity

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 69,230K shares, representing 3.17% ownership of Meta Platforms. This is a slight increase from previous filings, which indicated ownership of 69,157K shares, marking a 0.11% change. The firm has boosted its allocation to FB2A by 1.08% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares has 56,245K shares, constituting 2.57% ownership. Previously, the firm owned 55,443K shares, indicating an increase of 1.43%. However, its portfolio allocation in FB2A dipped by 0.28% in the last quarter.

JPMorgan Chase reports holding 52,228K shares, which translates to 2.39% ownership. Their last filing revealed ownership of 50,183K shares, showing an increase of 3.92% and a 4.95% boost in portfolio allocation for FB2A over the past quarter.

Geode Capital Management owns 47,462K shares, amounting to 2.17% ownership. This is up from 46,413K shares previously, reflecting a 2.21% increase in ownership and a 0.73% rise in portfolio allocation.

Price T Rowe Associates holds 41,709K shares, or 1.91% ownership of the company. This shows a decrease from the previous 43,118K shares, marking a drop of 3.38% in ownership, along with a 1.94% decrease in portfolio allocation.

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This story originally appeared on Fintel.

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