META has rallied more than 40% so far in 2023. Is it still a buy here?
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Meta Platforms (NASDAQ:META) has surged more than 40% so far in 2023, building on a rebound that began last November. The latest upswing was fueled by a well-received earnings report, allowing shares of the Facebook parent to reach levels not seen since last summer.
Has this rally played itself out as the company continues its long-game transition to the metaverse? Or does META still constitute a buy?
Three Month Rally & Positive Earnings Report
Meta Platforms (META) has been on a tear over the past three trading months, rising from its November low of $88.09 a share to $182.85 a share. The move signified a more than 100% topside push. META now trades near levels it did back in June of 2022.
The rally for the California-based tech giant was extended early this month by an earnings report. In it, META surpassed revenue expectations by $480M and unveiled a $40B share buyback program. Looking ahead to the first quarter, META anticipates revenue to be between $26B and $28.5B, compared to the $27.25B that analysts were expecting.
Besides META, some other high-profile competitor tech names that have jumped out ahead in 2023 include the likes of Snap Inc. (SNAP), Pinterest (PINS), Apple (AAPL) and Microsoft (MSFT). 
Is META a Buy?
Wall Street leans towards a bullish stance on Meta (META), as 41 of the 57 analysts surveyed provide Meta Platforms with either a Strong Buy or Buy rating. Breaking it down, 29 analysts have labeled META as a Strong Buy and another 12 say the stock is a Buy.
Among the skeptics, 12 analysts view the metaverse play as a Hold. On the bearish side of the argument, two have classified the company as a Sell and two others list the tech company as a Strong Sell.
From a price target vantagepoint, the average sits at $204.63, indicating an additional 11% upside move from its current level. Meanwhile, the high-end target sits $275, while one bear predicts a plunge to $80.
Seeking Alphaâs Quant Ratings take a little more of a conservative stance, putting a Hold rating on META. The system for rating quantitative measures graded Meta Platforms with an A+ for profitability and an A for momentum. At the same time, it also gave the Zuckerberg-led firm a C- regarding its valuation and a D- when looking at its growth.
See a breakdown below:

Supporting a bullish case for META is Seeking Alpha contributor Yiannis Zourmpanos, who views the company as a Strong Buy. "Despite the soft advertising market outlook, the cost-efficiency plan will weigh in the company's earnings in the next few quarters." Zourmpanos sad. "META's investment thesis remains intact, and the strong bullish rating is supported by the improving outlook leading to a target price of $215-$257."
On the other side of the debate, Brian Kapp, another SA contributor, views META as a Hold. "While the notion of a metaverse is much maligned, I have no doubt that the broad concept represents the future of communication. As to when and how it evolves remains an open question," he said.
As for investors who may be interested in META but are not ready to push in all of their chips, exchange traded funds offer a more diversified approach to META and the tech/communications space.
At the moment, META is owned by a total of 331 ETFs. Here are the five that hold the largest positions in the company:

Communication Services Select Sector SPDR Fund (NYSEARCA:XLC), 19.68% weighting
Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM), 13.02% weighting
Global X Social Media ETF (SOCL), 11.22% weighting
Invesco NASDAQ Internet ETF (PNQI), 10.72% weighting
Vanguard Communication Services ETF (NYSEARCA:VOX), 10.43% weighting

Furthermore, while not directly identifying Meta Platforms, BlackRock, the worldâs largest asset manager is bullish on the metaverse market segment, saying "the investment opportunities are here and now."