Meta Platforms price target raised to $210 from $180 at Stifel

Stifel analyst Mark Kelley raised the firm’s price target on Meta Platforms to $210 from $180 and keeps a Buy rating on the shares. The company last night delivered a "relatively solid" print and sales guidance, but what will drive forward estimates meaningfully higher are the cuts to 2023 expenses and capex, the analyst tells investors in a research note. In addition, engagement trends "are all pointing in the right direction" and Meta is on track to close the Reels headwinds by the end of the year, says Stifel. The company’s improved expense outlook alone adds roughly $1.50 to Stifel’s 2023 earnings per share estimate.