Meta Platforms Upgraded at Morgan Stanley on Ongoing Drive to Slash Costs
<p><a href='https://financialmodelingprep.com/financial-summary/META'>Meta Platforms (NASDAQ: META)</a> shares rose more than 2% on Tuesday after Morgan Stanley upgraded the company from Equal Weight to Overweight, citing the company's ongoing drive to slash costs.</p>
<p>The rating change followed Meta’s announcing it would lay off another 10,000 workers as part of an expense reduction campaign that CEO Mark Zuckerberg has dubbed the "Year of Efficiency." Around 5,000 open roles will also be closed.</p>
<p>This represents the second round of job cuts at the company in the last six months. Meta announced 11,000 employees or about 13% of its total workforce cut in November 2022.</p>
<p>Morgan Stanley analysts believe that Zuckerberg's cost-cutting measures will continue beyond 2023 and will lead to a "structural and cultural pivot" towards a leaner organization focused on investor returns. They also hope that Meta's actions will serve as an example for other tech giants like Amazon and Alphabet to adopt more discipline in their operations. </p>
<p>Overall, the analysts expressed bullish sentiment towards Meta due to their newly embraced structural discipline.</p>

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