Bank of America Downgrades Meta Over Spending on Broken Metaverse
Bank of America downgraded Meta (NASDAQ:META) from “buy” to “neutral” over ad spending and Meta’s high spending on metaverse development. It slashed its target price from $196 to $150. META has been sliding for most of 2022 and is trading at $130.60 as of October 24, 2022. Bank of America especially called Meta’s spending on … [Read more…]