Meta Platforms upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Thomas Champion upgraded Meta Platforms to Overweight from Neutral with a price target of $215, up from $136, following last night’s Q4 results. The company’s fiscal 2023 spending guidance was lowered meaningfully, yielding a "sharp reset higher" to free cash flow expectations, the analyst tells investors in a research note. Piper believes the magnitude of change coming out of the quarter warrants a more constructive rating, despite a difficult advertising market and no capitulation on the company’s metaverse investment.