Meta Platforms price target lowered to $640 from $765 at BofA

BofA lowered the firm’s price target on Meta Platforms (META) to $640 from $765 and keeps a Buy rating on the shares. Recent channel checks conducted in mid-March suggested potential ad spending risk from negative headlines and given the latest tariff announcements, the firm thinks pressure on ad spend will materialize, the analyst tells investors. Overall, the firm is lowering its 2025 online ad spend estimates by about 4%, but for Meta and Google (GOOGL), with deeper ad auctions, a higher mix of direct response revenues and a 2%-3% foreign exchange benefit, the firm notes it is lowering 2025 and 2026 revenues by roughly 4% and GAAP EPS estimates by 5%-7%.