Meta Platforms price target raised to $136 from $116 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Meta Platforms to $136 from $116 and keeps a Neutral rating on the shares. The analyst believes Meta’s 2023 expenditures may come in below expectations, boosting earnings and free cash flow forecasts. "Evidence of potential upside is mounting" with the headcount reduction announced November 9 plus recent articles implying the company’s $2B in data center spend is canceled or on hold, the analyst tells investors in a research note. However, Piper says Meta’s sales growth remains challenged.