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.
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