Meta Platforms price target lowered to $500 from $530 at Wolfe Research

Wolfe Research analyst Deepak Mathivanan lowered the firm’s price target on Meta Platforms to $500 from $530 and keeps an Outperform rating on the shares. Meta’s Q1 results came in above Street estimates bit the Q2 guide implies slight revenue deceleration with increased fiscal 2024 spending, the analyst tells investors in a research note. The firm believes the company’s near-term investments “should create plenty of monetization opportunities over time both from existing offer and new offerings.” It says Meta’s bull case remains intact.