Meta Platforms price target lowered to $550 from $555 at Loop Capital

Loop Capital analyst Rob Sanderson lowered the firm’s price target on Meta Platforms to $550 from $555 and keeps a Buy rating on the shares. The company’s management is clearly talking down the stock and letting competitors know they will not be outspent in the infrastructure arms race, the analyst tells investors in a research note. Meta stock has also corrected from a run to 25-times expected forward earnings that has been expanding through 2024 and was reflecting expectations for continued beat-and-raise momentum, Loop adds.