The run in Meta Platforms (META) shares has not reached the finish line yet, CNBC’s Jim Cramer said Friday.
Analysts at Citigroup on Friday doubled down on Meta as their top pick among internet stocks, highlighting the company's annual virtual reality conference next week as a positive catalyst for shares. In its note to clients, Citigroup also said it believes the Instagram and Facebook parent is taking a larger piece of the online advertising pie, due to strength in Reels, its short-form video feature designed to rival TikTok.
While 2022 wasn't kind to growth-oriented tech firms, in general, Meta had a particularly brutal year, with its stock price falling more than 60%. Despite their rebound in 2023, Meta shares have yet to return to their all-time closing high of $382.18 each from September 2021. Cramer said he expects"big things" at Meta's conference next week, when the company is expected to showcase some of its efforts around generative artificial intelligence, a key theme for tech investors in 2023. Meta Connect is set to be held this coming Wednesday and Thursday.
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