Raymond James raised the firm’s price target on Meta Platforms to $238 from $220 and keeps an Outperform rating on the shares after the company announced another round of layoffs. The firm continues to expect long-term ad growth of 5%-10%, continued monetization of newer platforms and formats, and improving margin outlook. The firm added that it believes valuation is "attractive" at 10x 2023 Family of Apps EPS.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on META:
- Meta Platforms price target raised to $230 from $215 at Truist
- Another 10,000 Workers to be Ousted from Meta
- Meta Platforms price target raised to $305 from $275 at Evercore ISI
- Meta Platforms canceling projects that are lower priority, duplicative
- Meta Platforms announces additional workforce reductions of about 10,000 people