Meta, PayPal Blindside Bullish Analysts Who Saw Only More Growth
- Post-results drop for Netflix also shows misaligned estimates
- Meta’s 25% slump leaves it trading below almost all targets
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Big technology earnings have prompted some extreme share price moves this season, with Wall Street’s expectations seemingly misaligned with company realities.
Take Meta Platforms Inc.: before today’s 27% share price drop, which came after its revenue forecast for the first quarter missed estimates, analysts had been broadly bullish on the social-media giant. Among 62 Wall Street firms covering the Facebook owner, 52 had buy ratings, and analysts saw 18% upside to their average price targets, according to data tracked by Bloomberg.