Meta Platforms Inc (NASDAQ:META) shares are trading lower by 3.56% to $157.67 going into the close of Thursday’s trading session amid weakness in tech stocks. Citigroup Thursday maintained a Buy rating on the stock but lowered its price target from $300 to $270.
What Happened?
Market indices are trading lower during Thursday’s session following worse-than-expected US CPI data. Heightened US inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.
Why it Matters
Worse-than-expected June CPI data has also caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.
According to data from Benzinga Pro, Meta Platforms has a 52-week high of $384.33 and a 52-week low of $154.25.
