Evercore ISI sees ‘modest Beat & Bracket’ Q3 report from Meta Platforms

Evercore ISI says that based on the firm’s checks of intra-quarter data points and analysis that the firm believes Meta will “likely print a modest Beat & Bracket Q3.” The firm views the Street’s Q3 revenue estimate as “reasonable, with more upside vs. downside variance,” and views the Street’s Q4 revenue estimate as “slightly conservative based on historical seasonality,” the analyst tells investors. The firm, which also expects Meta to maintain its FY24 total expense and capex guidance this quarter and does not expect Meta to provide FY25 capex and total expense guidance, keeps an Outperform rating and $600 price target on shares ahead of the report due on October 30.