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Benzinga
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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