Analysts have upgraded their price target for Meta stock after the positive Threads launch.
Analysts, as per a Forbes piece, have upgraded their outlook on Meta stock after the launch of Threads, the tech network's answer to Twitter.
Meta’s stock could supposedly add $150 billion in market valuation despite Thread’s lack of revenue prospects for now.
CFRA analyst Angelo Zino upgraded his price target for Meta from $300 to $350 after expecting the company “will find success penetrating” the text-based social media space.
Forbes says this implies an 18% upside from Meta’s current $296 share price and will see Meta’s valuation possibly soar from $755 billion to over $900 billion.
Calling Threads an “immaterial contributor” to the company’s broader outlook, Justin Patterson, a KeyBanc Capital Markets analyst, upgraded his price target for Meta from $280 to $335. He said Threads could bring in up to $6.7 billion in revenue if it were successful if veering people towards itself from Twitter.
“Meta timed the launch well given a slew of issues at Twitter since Musk's takeover and appetite for many to have an alternative option,” wrote Zino.
Threads saw around 10 million users sign up in its first seven hours after launch.