Meta Platforms slips as New Street downgrades, citing recent stock performance
Kira-Yan

Meta Platforms (NASDAQ:META) shares slipped fractionally in premarket trading on Monday as investment firm New Street Research downgraded the tech giant, citing the 77% run in the stock since the start of the year.
Analyst Dan Salmon downgraded Meta (META) to neutral from buy, while keeping the per-share price target at $220, noting there are "better opportunities" elsewhere due to the run in the stock.

"The Year of Efficiency re-rating is likely complete and while incremental cost cuts could help boost estimates, they are unlikely to impact the multiple materially," Salmon wrote in an investor note.
Last week, Meta Platforms (META) announced it is allowing WhatsApp users in Brazil to pay merchants directly within the app.