Social media and metaverse company Metaplatforms Inc META fourth quarter reported Financial results and forecast for the first quarter after the market close on Wednesday.

Here’s what analysts had to say about the report as shares soared on Thursday.

The Metaplatform Analysts: Bernstein analyst Mark Shmulik had an outperform rating and raised the price target to $210 from $170.

Needham analyst Laura Martin had an underperform rating and no target price.

Rosenblatt analyst Barton Crockett upgraded the stock to buy from neutral and raised the price target to $220 from $104.

Morgan Stanley analyst Brian Nowak had an equal weight rating and raised the price target to $190 from $130.

Related link: Meta platform stock trading strategies before and after Q4 results

The Analyst Takeaways: Mark Zuckerberg said in the earnings announcement that 2023 would be the year of efficiency for meta-platforms. Bernstein’s Shmulik called it “the year of the efficient rabbit” in his note, in reference to the Chinese New Year.

“The thing about religion is that it requires a leap of faith. Believe in something you may never be able to definitively prove,” Shmulik said.

The analyst said 2022 has been a tough year for meta platforms and some are ready to throw in the towel for the company.

“It appears that Meta has found its own religion of efficiency/profitability, and investors now find themselves looking at a leaner, smarter company.”

Rosenblatt Securities’ Crockett called Meta a “reasonably priced stock” and upgraded the shares while more than doubling the price target for the stock.

“When we started coverage of Meta on April 19, a confluence of high spend, flagging macro and advertising clouds kept us on the sidelines with a NEUTRAL rating,” Crockett said.

The analyst pointed to Meta’s cost controls that showed improvement. Crockett also said Meta has a history of spending less than stated.

Crockett added that there is a “solidifying story to accelerate growth” for Meta with…