Meta Platforms price target lowered to $500 from $540 at Deutsche Bank

Deutsche Bank analyst Benjamin Black lowered the firm’s price target on Meta Platforms to $500 from $540 and keeps a Buy rating on the shares following the Q1 report. Meta is making bigger investments in artificial intelligence than anticipated, which will likely result in capex “being much higher, for far longer,” the analyst tells investors in a research note. The firm expects the the core AI investments to drive continued engagement growth, with the advertising platform “becoming even more performant.”