Meta Platforms price target raised to $365 from $310 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Meta Platforms to $365 from $310 and keeps an Overweight rating on the shares. The analyst says Meta successfully “threaded the needle” between strong sales results in Q2 and the Q3 guide, but also raising expectations for 2024 operating expenditures. The company’s impression growth is strong and shows the “monetizable surface” on Meta properties is growing quickly, the analyst tells investors in a research note. Meta remains Piper’s top pick in digital advertising.