The Zacks Rank Explained: How to Find Strong Buy Computer and Technology Stocks

Zacks Equity Research

23 February 2024 at 9:40 am·2-min read

It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.

Should You Buy #1 (Strong Buy)-Ranked Meta Platforms (META) for Your Portfolio?

Meta Platforms was upgraded to the Zacks Rank #1 list on February 7, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.

Meta Platforms is the world’s largest social media platform. The company’s portfolio offering evolved from a single Facebook app to multiple apps like photo and video sharing app Instagram and WhatsApp messaging app owing to acquisitions. Along with in-house developed Messenger, these apps now form Meta’s family of products used by almost 3.96 billion people on a monthly basis as of Sep 30, 2023.

14 analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $2.23 to $19.78 per share. META boasts an average earnings surprise of 19.7%.

Earnings are forecasted to see growth of 33% for the current fiscal year, and sales are expected to increase 17.7%.

Additionally, META has climbed higher over the past four weeks, gaining 23.6%. The S&P 500 is up 5% in comparison.

Bottom Line

With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Meta Platforms could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.

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Meta Platforms, Inc. (META) : Free Stock Analysis Report

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