KeyBanc analyst Justin Patterson raised the firm’s price target on Meta Platforms to $465 from $380 and keeps an Overweight rating on the shares. The firm believes Meta ended the year with further momentum in its ad products, particularly Reels. While KeyBanc does not expect FRL losses will peak in 2024, it thinks ad product innovation and budget gains are sufficient to drive 29% and 17% EPS growth in 2024 and 2025, respectively.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on META:
- Reddit advised to target $5B valuation in IPO, Bloomberg reports
- Meta thinks Apple can ‘reinvigorate’ metaverse effort, WSJ reports
- Senate Judiciary Committee to hold a hearing
- TD Cowen communications analyst holds analyst/industry conference call
- Meta to establish new $800M data center campus in Indiana