UBS reiterates Meta as a ‘Top Pick’ as story shifts to top line upside

UBS reiterates its Buy rating and continues to view Meta Platforms shares as a "Top Pick" as it estimates that $3B in reduced opex, plus $3B of higher restructing charges, points to a $6B "core opex" reduction for 2023, annualizing to about $8B of opex savings in 2024. This amounts to almost $2.50 per share in tax-affected EPS on top of the firm’s "above-consensus" $13.00 forecast for GAAP EPS in FY24, said UBS, which has a $235 price target on Meta shares.