Thursday’s gains help the The Facebook owner’s add more than $250 billion in market value since its November low, cementing its place as the best-performing stock on the S&P 500 Index in the last three months.
The social media giant added about $88 billion to its market cap, its biggest ever single-session market value gain, according to data compiled by Bloomberg.
“In future years we will probably look back at 2023 as the sentiment shift for META shares,” Barclays Plc analyst Ross Sandler wrote in a note, raising the price target to $260 from $165.
This time last year, the Facebook owner plunged 26% on the back of disappointing earnings results, erasing about $250 billion in market value, the biggest wipeout in stock market history.
The stock is still about 50% below its 2021 peak, but analysts see a bull case building after the company’s latest update.