5 Best Cheap Stocks to Buy Now for Long Term

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 177

Meta Platforms, Inc. (NASDAQ:META) recently received an upgrade from Doug Anmuth of JPMorgan who raised his rating on the social media giant to ‘Overweight’ from ‘Neutral’ and increased his price target to $150 from $115.

Although Meta Platforms, Inc. (NASDAQ:META) has faced numerous headwinds such as TikTok competition and the uncertain build out of the metaverse, Anmuth thinks some of those headwinds will ease in 2023 as the company is showing signs of controlling costs better. Given the analyst estimates, he thinks Meta Platforms, Inc. (NASDAQ:META) shares are trading for 12 times 2024 estimates, which makes the company’s valuation pretty compelling.