(Reuters) – Meta Platforms Inc shares rose 17% on Thursday in a relief rally after losing nearly half of their value in the year. The social media giant shocked Wall Street by a higher-than-expected increase in the number of users signing up for the platform.

This stock helped boost the tech-heavy Nasdaq’s premarket trading and spread cheer among many internet and technology companies. All three stocks, Alphabet (NASDAQ) (NASDAQ) and Amazon (NASDAQ) all rose more than 2%.

According to Laura Hoy, an equity analyst at Investing.com, “Investors seem desperate for good news. Meta’s results being within touching distance of expectation scratched this itch.” Hargreaves Lansdown (LON)

Analyst views were mixed on the outcome. Five brokerages lowered their targets for price on the stock; three raised expectations.

The stock is being covered by 46 analysts, of which 46 hold a “buy” rating. Two analysts have the stock rated “sell” at the bottom. Its median price target is $300. This is well over its current trading price, $200.

Facebook (NASDAQ)’s daily users (DAU), which is a crucial metric for advertisers was at 1.96 Billion, slightly above the 1.95 Billion estimate.

Wall Street analysts were less optimistic.

“We do not believe the overall FB business has changed much over the past 90 days, but headwinds related to iOS changes, TikTok competition & Reels monetization are better understood,” J.P Morgan’s lead analyst Doug Anmuth said in a note.