What happened

Shares of Meta Platforms (META -10.56%) were lower on Thursday, slipping by as much as 3.3%. As of 10:30 a.m. ET, the stock was down 1.7%.

The broader market was trending decidedly lower today, which no doubt contributed to the stock's decline, but the catalyst that likely sparked the move lower was bearish sentiment expressed by a Wall Street analyst.

So what

JMP Securities analyst Andrew Boone lowered his price target on Meta Platforms to $240, down from $265, while maintaining his outperform (buy) rating on the stock, according to The Fly. Yet, even at the reduced price target, this still represents potential upside for investors of roughly 46% compared to Meta's closing price on Wednesday.

It's also worth noting that his bearish view was part of a broader research note into the internet and digital media sector. 

It shouldn't be surprising to hear that Boone was concerned about the deterioration of the broader economy brought on by high inflation, lingering supply chain issues, and higher interest rates. He also cited weakening business and consumer confidence in his somewhat pessimistic view.

The analyst suggested that overall growth in digital advertising slowed in the second quarter, which in turn will weigh on revenue generated by Meta's quartet of social media outlets. Boone is now forecasting that global digital advertising will grow by 11% this year before eventually rebounding in 2023.

Now what

Meta's move lower on Thursday was at least partly fueled by the broader market sell-off. Furthermore, since its high reached late last year, Meta stock is down roughly 58%. While the decline is understandable given the broader economic picture, it seems to completely disregard the company's long-term prospects.

In the first quarter, Meta's revenue of $27.9 billion grew 7% year over year, even in the face of the economic headwinds. Additionally, Facebook -- the company's flagship social media site -- had 2.94 billion monthly active users in March, while 3.64 billion people logged in to Meta's family of platforms. This suggests a resilient company that will stand the test of time, even in the midst of a downturn.  

Given the strength of its business and unparalleled network effect, Meta Platforms is a bargain at these prices.