BuzzFeed still a ‘show me story,’ Meta deal not new, says BofA

Following press reports that said Meta (META) and BuzzFeed (BZFD) have expanded their longstanding partnership to drive more creators to Meta’s platform, BofA analyst Brent Navon said "this does not appear to be a new deal." The contract terms the press reported as "valued at close to $10 million" likely represents the entire relationship versus incremental business, said the firm, which continues to view BuzzFeed as a "show me" story at this stage and maintains an Underperform rating and $2 price target on the shares.