Meta Platforms price target raised to $600 from $550 at Evercore ISI

Evercore ISI raised the firm’s price target on Meta Platforms (META) to $600 from $550 and keeps an Outperform rating on the shares following what the firm describes as “Solid Beat & Raise Q2 EPS results.” Despite concerns raised by YouTube (GOOGL) softness and mixed Pinterest (PINS) and Spotify (SPOT) advertising results, Meta management made it clear that they are seeing “healthy global ad demand,” notes the analyst, who raised FY24 and FY25 revenue estimates 3% and 4%, respectively, and EPS estimates 4% and 2%, respectively, following last night’s report.