Meta Platforms price target raised to $235 from $220 at Oppenheimer

Oppenheimer analyst Jason Helfstein raised the firm’s price target on Meta Platforms to $235 from $220 on higher advertising estimates as AI investments are beginning to drive improved targeting and SKAN 4.0 reaches critical mass. Per the firm’s conversations at Digiday’s Media Buying Summit, advertisers have begun seeing 28 days attribution windows versus previous seven days and with the launch of Advantage+, Meta is beginning to drive better targeting post-ATT. Separately per Bloomberg, the company is planning another round of layoffs, which could drive upside to 2023 expense guidance, Oppenheimer adds. The firm keeps an Outperform rating on the shares.