Jefferies’ Thill on Meta Platforms: ‘long term they’re in a good spot’


Jefferies’ Thill on Meta Platforms: ‘long term they’re in a good spot’

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Wajeeh Khan

Jun 9, 2022

Brent Thill makes a bull case for Meta Platforms on CNBC’s “TechCheck”.

He attributes part of the risk-off in the tech giant to macro environment.

Shares of the company formerly known as Facebook are down 45% YTD.

Shares of Meta Platforms Inc (NASDAQ: META) continue to dwell under $200, but Jefferies Brent Thill is convinced the mega-cap is a great pick for the long-term investors.

Thill’s remarks on CNBC’s ‘TechCheck’

Thill agrees the company formerly known as Facebook is struggling with challenges in the near-term, but says the outlook for the longer term remains constructive. On CNBC’s “TechCheck”, he noted:

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Long term, Meta is capable of $15 of earnings power. Stock’s trading at 14-15 times earnings. If it gets a 20 multiple on a $15 earnings power, you’re at $300 a share. So, it doesn’t take that much to get there. Long term, they’re in a good spot.

Other reasons why he remains positive on Meta Platforms include a healthy cash flow and a $50 billion share repurchase programme.

Thill blames macro environment for the sell-off

Thill doesn’t attribute the risk-off in Facebook entirely to the company-specific issues. Some of it, he said, were related to the macro headwinds as well.

It’s little clouded by the overall macro picture. Remember this is an entirely ad-driven model. Advertising models see a downturn; that’s the first thing you can turn off in a slowing macro environment.

Last week, Sheryl Sandberg announced her departure from Facebook – a key executive that turned the Nasdaq-listed company into an advertising behemoth. Meta topped Wall Street estimates for profit in its latest reported quarter.

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