Meta Platforms Inc Class A

META: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$549.00	Kddth	Ndmhtpmz

Meta Earnings: Reels Monetization Becoming a Reality While Network Effect Remains Intact

Ali Mogharabi

Apr 27, 2023

Meta’s first-quarter results confirmed our views on Reels monetization, ad conversion improvement, margin potential, and an unharmed network effect moat source. We have increased our revenue projections and continue to expect margin expansion beginning in 2024, pushing our fair value estimate up to $278 per share from $260. While the share price of this wide-moat firm has increased more than 135% from its lows in November 2022, we believe it remains undervalued.

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