Meta Platforms price target lowered to $575 from $610 at Canaccord

Canaccord lowered the firm’s price target on Meta Platforms to $575 from $610 and keeps a Buy rating on the shares. The firm said they reported strong Q1 results, with revenue coming in above the midpoint of guidance and operating income also above consensus as AI was once again at the forefront of the conference call. Canaccord said with several growth drivers that could support upside to 2024-2025 estimates remaining fully intact, and the revenue multiple compressing after hours, they see this sell-off as an attractive buying opportunity.