Meta Platforms Inc’s stock opened Thursday’s trading session at $623 and mostly remains trading sideways. It is down 4.22% year-to-date and is receiving mixed reactions in the charts. On the heels of the price stagnation, investment banking firm RBC Capital has provided a bullish price prediction. The forecast projects that traders could expect double-digit gains as the equity is looking to scale up in the indices.

Brad Erickson, the Internet Equity Analyst from RBC Capital Markets maintained his buy call rating for META stock on June 1. He wrote in a note to clients with an Outperform rating, citing the company’s massive, AI-driven monetization runway. With the broader market seeing a recent pullback and META stock falling to the $623 level, the analyst sees this as a perfect buying opportunity. Traders who buy the dip on the equity stand a better chance of making profits.

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META Stock Price Prediction From RBC Capital Markets

Investors who buy the dip on META stock could soon make handsome returns, according to the analyst. The RBC Capital strategist predicts that META stock could reach a new high of $810 next. That’s an uptick and return on investment (ROI) of approximately 30% from its current price of $623. It would also be a profit of $187 per share and is a phenomenal gain if the forecast turns out to be accurate.

He also explained that the company’s core fundamentals are way too strong for a selloff. He pointed out that its revenues are growing by a blistering 26% with gross profit margins at a massive 82%. All of these would pump META stock, making it an asset to watch out for. This also comes at a time when Mark Zuckerberg hinted that the company might soon enter the Cloud computing segment. They might compete with other tech giants like Microsoft and Alphabet to take the top spot.

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