Wells Fargo lowered the firm’s price target on Meta Platforms to $372 from $389 and keeps an Overweight rating on the shares ahead of quarterly results. The firm expects Q3 revenues near HE of guide and modest revenue acceleration into Q4. Wells also sees initial guide of $95B-$100B for FY24 OpEx, but expects below $95B for actual. The firm tells investors to look for CapEx guide at $34B-$39B and forward color on duration/magnitude of CapEx cycle.
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