Meta Platforms tops $1T market cap as tech stocks heat up (META)

Meta Platforms (NASDAQ:META) topped the $1T market cap, riding the recent gain in mega-cap tech stocks.

Shares of the Facebook, Instagram and WhatsApp parent company rose 1.9% in afternoon trading on Wednesday, putting its valuation at $1.01T. Earlier in the day, Microsoft (MSFT) breached the $3T valuation.

Analysts have been high on Meta in recent memory.

On Tuesday, Citi analyst Ronald Josey reiterated his BUY rating and raised his target price to $440 from $425.

“Meta remains our top pick across the Internet sector for 2024 as engagement continues to expand as the company benefits from a multi-year product roadmap across Social, GenAI, and Ads innovations as margins expand,” Josey wrote in the note.

Mizuho recently said WhatsApp could incrementally increase Meta’s revenue base by a third over time using artificial intelligence to automate customer service. It also maintains a BUY rating on Meta.

Meta shares have catapulted more than 170% over the past year and are up more than 10% year-to-date.

Meta is slated to report fourth-quarter results on Feb. 1 after the close of trading. A consensus of analysts expects the company to earn $4.94 per share and $39.04B in revenue.