Derick Hudson
Meta Platforms (NASDAQ:META) is set to open books for the company’s March quarter 2024 on April 24th, after the market closes, and I am bullish heading into earnings. In my view, Meta Platforms upcoming quarterly report is poised to show a sharp jump in advertising revenue, as various alternative data tracked by leading investment banks highlights both expanding advertising wallets, as well as market share gains for Meta within these wallet. At the same time, download trackers and survey suggest that Meta’s Instagram platform is seeing solid growth and engagement expansion. Lastly, I expect Meta management to talk up momentum in building and integrating GenAI capabilities across the social media empire, which may drive a fresh commercial growth cycle over the next few years. On the backdrop of a favorable risk/reward skew, paired with strong commercial momentum Q1 results, I am upgrading Meta shares to “Buy” and set a…
