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Benzinga

Business

Anusuya Lahiri

Here's Why This Analyst Downgraded Facebook Parent Meta

Facebook FB Mark Zuckerberg Meta

Erste Group analyst Hans Engel downgraded Facebook parent Meta Platforms (NASDAQ:FB) to Hold from Buy.
Facebook invested 21.7% of revenue in research and development in the last quarter, and the intended reorientation toward virtual products and services offers new earnings potential in the future.
Related Content: Read How Facebook's Metaverse Ambitions Are Shaping Up In Mark Zuckerberg's Words
However, the development of the new advertising revenues is associated with high costs, which are difficult to forecast.
Price Action: FB shares traded higher by 1.59% at $201.70 on the last check Thursday.

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