Meta Platforms price target raised to $220 from $150 at Wolfe Research

Wolfe Research analyst Deepak Mathivanan raised the firm’s price target on Meta Platforms to $220 from $150 and keeps an Outperform rating on the shares. The company’s Q4 results and Q1 guidance exceeded consensus estimates and it lowered fiscal 2023 spending meaningfully, the analyst tells investors in a research note. On the call, management sounded optimistic on steady progress on sales drivers and opportunities for further efficiency gains, says the firm.