Meta Platforms price target raised to $305 from $275 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Meta Platforms to $305 from $275 and keeps an Outperform rating on the shares after the company’s "two key announcement" this morning. Meta said it is laying off 10,000 employees and closing 5,000 job openings as well as reporting a further guide down of its total expenses to $86B-$92B from $89B-$95B, the analyst tells investors. The firm is raising its FY23 EBITDA estimate by 4% to $61.9B and its FY23 GAAP EPS view by 6% to $11.37 following the cost-cutting announcements.