Jim Cramer advises investors to hold Meta stock despite the company facing lawsuits over child social media addiction, and Bank of America maintains a buy rating.
Jim Cramer advised investors not to panic and to hold Meta Platforms stock, despite the lawsuit Meta Platforms is facing over alleged addictive designs targeting children. Bank of America analyst Justin Post lowered Meta's price target from $825 to $810 but maintained a buy rating, implying an upside of approximately 38% from its July 30 closing price of $585.61. The bank believes that Meta's business fundamentals will outweigh the impact of legal disputes, citing its attractive valuation and growing AI capabilities. Currently, a federal lawsuit filed by 29 state attorneys general is underway, with the trial beginning on August 18 and expected to last 6 to 7 weeks.
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