Loop raises Meta Platforms to Buy on higher revenue visibility; sets a Street-high target
2023.05.15 06:32
© Reuters Loop raises Meta Platforms (META) to Buy on higher revenue visibility; Sets a Street-high target
Loop Capital analysts upgraded Meta Platforms (NASDAQ:) shares to Buy from Hold and hiked the price target to $320 per share.
While the analysts note that META stock is up 44% year-to-date on expense reductions, their upgrade move is underpinned by an increasingly positive stance on the revenue picture.
“Three significant headwinds to revenue (Apple ad tracking changes, foreign exchange, and transition to Reels) are all cycling through and set to become tailwinds,” they wrote in a note.
Moreover, the analysts see “strong product-driven enhancements with Advantage+ and monetization momentum on Reels.”
The analysts also downgraded Alphabet (NASDAQ:) shares to Hold from Buy, citing uncertainty surrounding the company’s AI transition.
