Meta Platforms price target raised to $425 from $405 at BofA

BofA raised the firm’s price target on Meta Platforms to $425 from $405 and keeps a Buy rating on the shares. With a favorable macro backdrop for advertising, Reels contribution turning positive in 2024, a large messaging revenue ramp in progress, and “still plenty of costs to cut if needed,” the firm remains constructive on the stock after a “big” 2023, the analyst tells investors. BofA expects a revenue and EPS beat in Q4 and also cites multiple expansion in the broader market for its increased price target.