BMO Capital analyst Brian Pitz raised the firm’s price target on Meta Platforms (META) to $530 from $525 but keeps a Market Perform rating on the shares. The firm notes the company’s Q3 revenue beat in raising its price target but also points to slowing user growth, with Daily Active People up 5% in Q3 vs. 7% in Q2, the analyst tells investors in a research note. With revenue growth of 15% expected for Q4, Meta’s 25-times next-12-months GAAP EPS multiple is “somewhat extended”, the firm added.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Meta Platforms price target raised to $680 from $670 at Cantor Fitzgerald
- Engie SA, Meta Platforms announce 260 MW renewable energy agreement
- Meta Platforms price target raised to $660 from $630 at BofA
- Meta Platforms price target raised to $630 from $605 at Baird
- Meta Platforms price target raised to $650 from $575 at Piper Sandler