Raymond James raised the firm’s price target on Meta Platforms to $238 from $220 and keeps an Outperform rating on the shares after the company announced another round of layoffs. The firm continues to expect long-term ad growth of 5%-10%, continued monetization of newer platforms and formats, and improving margin outlook. The firm added that it believes valuation is "attractive" at 10x 2023 Family of Apps EPS.
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