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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Morgan Stanley says ‘don’t be spooked’ by Meta Platforms investment plans
- Meta Platforms price target raised to $660 from $635 at JMP Securities
- Meta Platforms price target raised to $630 from $550 at Barclays
- Meta Platforms price target raised to $705 from $645 at Citi
- Meta Platforms price target raised to $800 from $780 at Pivotal Research