Metaverse Here We Come: Why This Matterport Analyst Is Bullish As Facebook Rebrands

Meta is the brand new identify for social media platform firm Fb Inc (NASDAQ:FB). The identify change comes as the corporate bets on the expansion of the metaverse and augmented and digital actuality changing into extra mainstream sooner or later.

An analyst is asking out a reputation to observe as a winner within the house on the heels of the Fb information.

The Matterport Analyst: Wedbush analyst Daniel Ives has an Outperform ranking on Matterport Inc (NASDAQ:MTTR) and $26 value goal.

Associated Hyperlink: 10 Augmented And Digital Actuality Shares To Watch On The Heels Of Fb’s Meta Rebrand

The Matterport Takeaways: Ives highlights a partnership introduced between Matterport and Fb earlier this yr as a key occasion that might get extra consideration from buyers. The partnership was for creating the largest-ever dataset of 3D indoor areas by way of Fb AI Analysis.

“We imagine this was step one in the direction of a much wider Fb and Matterport relationship as Zuckerberg & Co. head down the metaverse path,” Ives stated.

Matterport has a “huge 3D-data library,” which Ives calls unmatched within the trade. The corporate is talked about as a play within the rising market and essential for actual property and different sectors.

“We proceed to imagine Matterport is within the early innings of a large progress story enjoying out over the approaching years.”

Ives calls the inventory below the radar based mostly on investor conversations and stated he likes the inventory heading into 2022, with metaverse performs grabbing buyers’ consideration.

Progress might come from the corporate as its free to paid conversion mannequin is additional realized.

A complete addressable market dimension of $240 billion is cited by the analyst and a market share of below 1% for Matterport offers the corporate room to increase, in response to Wedbush. 

The worth goal of $26 is predicated on a a number of of 13x 2023 anticipated income.

MTTR Worth Motion: MTTR shares gained 18.16% Friday, closing at $22.45.