Meta Platforms price target raised to $270 from $225 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Meta Platforms to $270 from $225 and keeps an Overweight rating on the shares. Over the past five months, Meta has announced that it is reducing headcount by almost 25% from Q3 levels, cut 2023 expenses 12% excluding the restructuring, and lowered 2023 capex by 14%, the analyst tells investors in a research note. The firm believes Meta is "building the critical muscle for financial discipline over the long term." The shares have more than doubled off their early November lows, but "meaningful upside" remains, driven by accelerating revenue growth, continued cost efficiencies, and a "still attractive valuation," contends JPMorgan.