(CercleFinance.com) – The title Meta Platforms signs Monday one of the biggest drops of the Nasdaq 100 index, Bank of America having gone from ‘buy’ to ‘neutral’ on the value with a price target reduced from 196 at $150.
At 11:20 a.m. (New York time), the stock fell 0.8% after dropping as much as 4% at the start of the day, when the Nasdaq yielded 0.2% at the same time.
In a note, the American investment bank justifies its decision by the slowdown in activity that is looming on the side of the online advertising market.
Meta shares also seem to be suffering from criticism from Altimeter, one of its main shareholders, regarding the strategic direction recently taken by the social networking giant.
In an open letter addressed to Mark Zuckerberg, Brad Gerstner, the boss of Altimeter, believes that the old Facebook must find its form after having tended to rest on its laurels lately.
Brad Gerstner asks the group’s management to cut at least 20% of the workforce, to reduce the amount of annual investments from 30 to 25 billion dollars and not to devote more than five billion dollars of investment per year to the ‘metaverse’ .
The action Meta lost 61% since the beginning of the year, against a decline of 30% for the Nasdaq.
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