Bulls chase 'leaner' Facebook owner Meta shares higher

Analysts also have pushed up Meta’s 2023 earnings per share estimate by 15% over the past three months. 

A leaner Meta Platforms is impressing Wall Street, with analysts turning more bullish as cost cuts coupled with stabilising advertising trends make the Facebook owner’s stock look more durable in a looming economic slowdown.

The shares have surged 140% from a seven-year low in November as Meta started cutting thousands of jobs, including at its major facility in Ireland,  in light of falling sales. The company announced further layoffs last month and pledged to be more efficient, adding kindling to the rally.