Argus upgraded Meta Platforms (META) to Buy from Hold with a $270 price target. The company’s deep cost cuts should boost its profitability even in an uncertain macro uncertainty, the slowdown in digital advertising, and the impact of Apple’s (AAPL) ad tracking policy, the analyst tells investors in a research note. The firm adds that two of Meta’s competitors are currently experiencing problems that could slow their growth: TikTok faces a potential ban in the U.S., or at least the sustained hostility of the U.S. government and Twitter may not have been a major threat to Meta. Argus is also raising its 2023 GAAP EPS view to $8.21 from $7.53 and its 2024 forecast to $9.43 from $8.06.
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
See Insiders’ Hot Stocks on TipRanks >>
Read More on META:
- AAPL, AMZN, META: Will the Rally in Big Tech Stocks Hold?
- Meta Platforms price target raised to $250 from $225 at Jefferies
- Meta Up Even as Analyst Says ‘Rally is Over’
- Is the Metaverse Still a Thing? DIS, MSFT, and META Aren’t Sure.
- Meta Platforms price target raised to $251 from $220 at Credit Suisse