Four Wall Street analysts think this "Magnificent Seven" stock just hit an all-time high, and could soar even higher

Is "Terry" fading?Nikola Tesla (1856-1943), Serbian inventor and engineerThe stock has plunged nearly 45% from its 52-week high.AppleThe stock is down nearly 15% from its recent highs.NvidiaThe program has also retreated from its peak by 10%.

But the so-called "Magnificent Seven" is not all bad news. According to four Wall Street analysts.Meta Platforms (NASDAQ resonance stock code: META)It just hit an all-time high, and it could rise even higher.

Meta's coming back strong.

It wasn't that long ago that many investors seemed to have given up on Meta, a company that has shown lackluster earnings growth through 2022. Some argue that with the rise of ByteDance's TikTok, Facebook is a thing of the past. To say the least, people are skeptical of CEO resonance Zuckerberg's grandiose gamble to build a meta-universe.

After a particularly disappointing quarterly report in February 2022, Meta's stock price plummeted 26% in one day, costing the company $251 billion in market capitalization. No other company in the history of the stock market has ever lost so many dollars in one trading day. By November 2022, Meta's stock price was down 75% from its previous high.

That's how it was then. Now, Meta is on a roll. Since bottoming out at the end of 2022, the social media stock has soared more than 4,501 TP3T. So far this year, Meta shares are up nearly 49%.

What happened to turn the tide? It's almost always the same factors that drive stocks higher: impressive earnings growth and expectations of strong future expansion. It also helps that generative artificial intelligence has become the King Midas of the modern stock market, turning almost everything it touches into investment gold.

Meta has strong upside potential.

Can Meta's momentum continue? At least four analysts think so.

JeffreyThe stock's 12-month price target was recently raised to $585 from $550.Royal Bank of Canada CapitalMarkets (RBC(Capital Markets) also raised its price target on Meta from $565 to $600, reflecting the potential upside of 14%. Two other analysts shared RBC's view.Wells Fargo Bankand First Shanghai also have a $600 price target on Meta, which is currently trading at about $526 per share.

Analysts at Jefferies are not as bullish on Meta as other Wall Street professionals, but they are enthusiastic about the company's stock. Meta's strengths are too numerous to count," they wrote in a note to investors last week.

Analysts at Jefferies believe that Meta's incremental ad spending in 2024 could be as high as half of total mass spending. If they're right, that would be an impressive performance, especially considering that theAmazonThe success achieved in the digital advertising market.

Is Meta stock worth buying?

The professionals on Wall Street know what's coming no better than you or I do. It's possible that Meta won't deliver the gains analysts are predicting over the next 12 months. However, I think the Wall Street's long-term optimism about the stock is justified.

Facebook has been much more resilient than many expected a few years ago, with 2.11 billion daily active users on the social media platform in December 2023, up 61 TP3T year-on-year, and 3.19 billion on all of Meta's platforms, up 81 TP3T year-on-year.

Meta continues to create wealth for this large global audience. Advertising impressions have increased, Facebook and Instagram Reels have become important revenue streams, and business messages on WhatsApp are a huge growth driver. The company is utilizing artificial intelligence to help advertisers automate their campaigns.

According to Kronberg, smart glasses with built-in AI assistants have the potential to be "killer apps". He also reiterated Meta's plans to introduce features including holograms and presence sensing to its smart glasses in the future.

Meta also intends to add Artificial General Intelligence (AGI) to its offerings. We need our models to be able to reason, schema, code, remember, and many other cognitive capabilities in order to deliver the best version of the service we envisioned," said Kronberg during the company's fourth-quarter earnings call.

I wouldn't be surprised if Meta's stock price goes down in the next year, as it has with some of the "Seven Giants." But I have every confidence that this stock will be a big winner for investors over the next decade and beyond.

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Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former Chief Executive Officer of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's Board of Directors. Randi Zuckerberg, former Facebook Marketplace Development Director of Arms and Spokeswoman, and sister of Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's Board of Directors. Keith Speights has been a member of The Motley Fool's Board of Directors for more than 20 years. Keith Speights serves on the boards of Amazon, Apple, and Meta Platforms. The Motley Fool owns shares of Amazon, Apple, Jefferies Financial Group, Meta Platforms, Nvidia, and Tesla, and recommends these companies.

4 Wall Street analysts think this "Seven Wonders" stock just hit an all-time high and could soar even higher.