Meta Platforms upgraded by J.P. Morgan on 'increased discipline,' better sales outlook
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Meta Platforms (NASDAQ:META) shares rose more than 2% in premarket trading on Friday as J.P. Morgan upgraded the technology giant, citing an increased focus on cost discipline as well as a better revenue outlook.
Analyst Doug Anmuth raised his rating on Meta Platforms (META) shares to overweight from neutral, pointing out that some of the issues that plagued the company in 2022, such as Apple's (AAPL) privacy changes, competition from TikTok, the expensive buildout of the metaverse and more, are likely to ease up over the next couple of years. 
"... [H]eading into 2023, we believe some of these top and bottom line pressures will ease, and most importantly, Meta is showing encouraging signs of increasing cost discipline, we believe with more to come," Anmuth wrote in a note to clients.
The analyst also raised his price target on Meta (META) to $150 from $115 and boosted revenue estimates for 2023 and 2024 by 2.6% and 1.4%, respectively.
Shares of other advertising-centric technology companies were mixed in premarket trading, as Pinterest (PINS) and Alphabet (GOOG) (GOOGL) traded lower, while Snap (SNAP) saw fractional gains. 
Delving deeper, Anmuth noted that Meta (META) shares have bounced more than 30% off their lows as the company has taken initiatives to cut costs, both in terms of headcount and spending, but there is likely more to come.
"...[W]e believe Meta is building the muscle for more sustainable financial discipline that can help drive further upward earnings revisions, & we believe the risk-reward is attractive at current levels," Anmuth added.
Earlier this month, Aureus Asset Management chairman and CEO Kari Firestone said that she had added Meta Platforms (META) and Alphabet (GOOG) (GOOGL) to her portfolio, noting that the pair were "just so cheap they [became] undeniably attractive."

Analysts are largely bullish on Meta Platforms (META). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates META a HOLD.