Meta Platforms price target raised to $625 from $593 at Wells Fargo

Wells Fargo raised the firm’s price target on Meta Platforms to $625 from $593 and keeps an Overweight rating on the shares. Checks suggest robust ads performance in Q2, the analyst tells investors in a research note. Wells expects Q3 revenue guidance of $38B-$40.5B, which implies 6pts of constant foreign exchange deceleration at the midpoint vs. the firm’s Q2 forecast, and that forward commentary, will support the view that this is a CapEx cycle, not an OpEx cycle.