Piper Sandler analyst Thomas Champion raised the firm’s price target on Meta Platforms (META) to $650 from $575 and keeps an Overweight rating on the shares. The firm notes Meta reported solid Q3 financials with revenue and EBITDA 2% and 7% ahead of expectations. Q4 revenue guidance slightly missed lofty expectations into the print. But management comments made clear capex and infrastructure spend will ramp in 2025, Piper adds. The stock was off 3% in after hours. The firm thinks management has earned the benefit of the doubt, but near-term free cash flow estimates dip.
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