One of Wall Street's biggest bulls on Meta Platforms believes his business can easily grow during a Trump presidency. Jefferies' Brent Thiel sees Facebook as vital — even though President Donald Trump called it an “enemy of the people” on CNBC's “Squawk Box” on Monday. “I don't agree with that view that it's the enemy,” the company's technology leader told CNBC's Fast Money. “The opposite has happened for small businesses.” “The reality is that the economic value of all these small business ads is off the charts.” But President Trump's comments appear to have sparked profit-taking today. Meta, Facebook's parent company, saw its worst daily performance in nearly a year. The stock fell more than 4% to $483.59 per share. “Is there headline risk and political risk? Absolutely. But at the end of the day, I think the value created is so great for these small companies, it's hard to deny the facts,” Thiel said. “This is not a fundamental risk.” Thill is particularly bullish on Facebook's advertising business. “All of the advertisers we've talked to in the last six months have seen additional budgets move from Google to Meta because of product quality, targeting quality, and revenue quality,” Thiel said. “We think this year they can charge 40 to 50% more ad spend.” “I would buy this stock because of this weakness” Even with a rough trading day, the Meta is up about 37% just this year. “I would buy this stock because of this weakness,” Thiel said. “Meta is currently one of the lowest multiple names in our coverage universe…it's one of the cheapest names out there.” He has a Buy rating and a 12-month Meta price target for the stock of $550. This implies a gain of approximately 14% from Monday's close. Disclosures: No disclaimer
