Meta falls after WhatsApp failure: BofA Securities’ ‘Tijeretazo’

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One day before the third-quarter earnings call, Meta Platforms closed down yesterday and falls in Wall Street pre-opening.

BofA Securities has explained concerns about the company’s future amid advertising uncertainty and problems with Metaverse.

Justin Post, an analyst at BofA Securities, has downgraded Meta’s stock rating to Neutral from Buy, and cut its 12-month price target to $150 from $196.

To these problems is added that this Tuesday, between around 9:00 and 11:00 in the morning Spanish time, the instant messaging application WhatsApp -owned by Meta-, has stopped working worldwide.

The app has become a key means of communication for households and businesses. Last October, a multi-hour disruption on WhatsApp affected the trading of assets from cryptocurrencies to oil before traders switched to alternative platforms such as Telegram.

Meta has lost 60% of its value in the last year.

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