Meta Platforms price target raised to $670 from $660 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan raised the firm’s price target on Meta Platforms to $670 from $660 and keeps an Overweight rating on the shares. The firm sees Meta’s Q3 results and Q4 guidance above consensus estimates, telling investors in a research note that ad checks were “strong” over the past few months and the underlying drivers appear to have plenty of runway. Cantor says Meta should also benefit from growing contributions from categories such as travel. The firm notes that buyside expectations are elevated given the recent outperformance and that high-end revenue guidance of $48B for Q4 is needed for shares to outperform on the print.