Meta Platforms price target lowered to $400 from $425 at JPMorgan

JPMorgan analyst Doug Anmuth lowered the firm’s price target on Meta Platforms to $400 from $425 and keeps an Overweight rating on the shares. The analyst remains positive on Meta shares but reduced 2024 and 2025 earnings estimates primarily to account for greater increases to expenses. The biggest change in the firm’s model is increasing 2024 total expenses to $97.5B from $93.4B. It expects Meta to guide to a range of $96B-$102B. While Meta does not typically comment on forward-year revenue in conjunction with its forward-year expense outlook, JPMorgan believes it is important to come away from the Q3 earnings report with a view that revenue can grow faster than expenses.