The US stock market has certainly gotten off to a rough start to the year. Specifically, mega-cap companies and the Magnificent 7 have struggled increasingly to gather any kind of momentum. That has led CNBC voice Jim Cramer to call Meta Platforms (META) stock ‘cheap,’ but is it cheap enough to buy?
Entering the year, there was a lot of excitement regarding what the Mark Zuckerberg-led META could accomplish this year. Yet, present macroeconomic struggles and geopolitical uncertainty have weighed heavily on the market. That could benefit investors, as there may be no better entry point for the tech giant.
Also Read: Meta Platforms (META) Gets New Rating: Can Stock Target $700?
Big tech stocks took another step back Monday after thriving last week. The Dow Jones Index erased 300-point gains with its performance to start the last week of April. Moreover, the overall market has fallen moderately, encouraging further concern regarding the state of the market this year.
That development has only reaffirmed what one popular analyst has said about one of the largest companies on the planet. Indeed, CNBC’s Jim Cramer has called Meta Platforms stock ‘cheap,’ as it may be time for interested investors to buy in on the mammoth tech company.
Also Read: Jim Cramer Predicts The Future Of The Stock Market
Speaking of the tech sector, Cramer called Meta the “cheapest’ of the group. “I wanted to buy some META yesterday. I was talking with Jeff Marks: ‘Which one are we going to buy for the club?’ But it’s just very hard until we get more oversold and buy ahead of tomorrow. But I think MET is the cheapest,” Cramer said.
The stock fell less than 1% on Monday as it traded at the $545 level. Moreover, its drop is a reversal of a 12% jump that has taken place over the last five days. Currently, it has a median price target of $700, representing 28% upside for the company over the next 12 months. With 65% upside in the bull case projection of $900, a price below $550 does seem like a solid buy for interested investors.
