Jim Cramer Makes Big Change of Mind for Meta (META)

We recently published Jim Cramer Commented On Big Market Confusion & Discussed These 20 Stocks. Meta Platforms, Inc. (NASDAQ:META) is one of the stocks discussed by Jim Cramer.

Meta Platforms, Inc. (NASDAQ:META)’s latest earnings report has led Jim Cramer to change his mind about the company. While ahead of the results, the CNBC TV host continued to defend CEO Mark Zuckerberg and his spending initiatives. Cramer insisted that Meta Platforms, Inc. (NASDAQ:META) was justified in spending billions in capital expenditure since it had to defend its social media moat from OpenAI. More recently, he praised the CEO for cutting costs through layoffs. Evercore ISI discussed Meta Platforms, Inc. (NASDAQ:META) on April 30th as it hiked the share price target to $930 from $900 and reiterated an Outperform rating on the stock. The financial firm commented that Meta Platforms, Inc. (NASDAQ:META)’s strength in the artificial intelligence sector merited the increase. As for Cramer, he isn’t sure about the firm as of now:

“And then, Meta, I don’t know, Meta’s got some thinking to do. Obviously they did have great growth in their business. But they just announced a bond, David they just announced a bond, 25 bil, a bond. But they’re like the Treasury, you know, they have to finance every quarter.

“Let’s give Meta some due, it did have some acceleration in its advertising. . .

“Well they have some thinking to do, and I hope they don’t think that. . .my charitable trust has faith in him, we have faith in Zuckerberg.”

Photo by Timothy Hales Bennett on Unsplash

In a tweet, Cramer further elaborated on the firm’s share price following its earnings:

“Meta did not offer enough reasons to spend the way the other companies did. They just told us that they could do better with it. Hence the decline tonight.”

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