5 Stocks That Will Make You Rich in 2023

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

Number of Hedge Fund Holders: 220

Meta Platforms, Inc. (NASDAQ:META) is making headlines after its Threads app crossed 50 million users. Wells Fargo analyst Ken Gawrelski recently said that Meta Platforms, Inc. (NASDAQ:META) could see a long-term boost in revenue from the Threads app.

“Framing imminent launch of Instagram Threads, we see [opportunity] for incremental revenue and EPS contribution at maturity between 1-3% annualized,” Gawrelski said in a note.

The analyst thinks that the app could create an additional 13 to 64 cents per share on an annualized basis for Meta Platforms, Inc. (NASDAQ:META).

ClearBridge Large Cap Value Strategy made the following comment about Meta Platforms, Inc. (NASDAQ:META) in its first quarter 2023 investor letter:

“The standout contributor for the quarter was Meta Platforms, Inc. (NASDAQ:META), which we bought in the fourth quarter of 2022. We still feel good about Meta shares after the rally, with positive drivers that we found attractive in late 2022 — large scale advantages in driving user engagement, the ability to invest in tools to monetize its audience, cost discipline and a strong balance sheet — still in play.”