Meta Platforms price target raised to $660 from $640 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Meta Platforms (META) to $660 from $640 and keeps an Overweight rating on the shares. Shares traded off 3% following the Q3 print as a strong Q4 revenue outlook was offset by expectations for significant growth in 2025 capex and infrastructure-related expenses, the analyst noted. While the firm recognizes that the company will be less focused on near-term earnings relative to the long-term potential, it also believes Meta has shown meaningful benefits from AI in its core ad business and has a strong product pipeline in Meta AI, Llama, and other initiatives, arguing that Meta’s strong core revenue growth and track record for execution “afford the company the right to spend big on AI.” The firm increased its 2025 and 2026 revenue estimates by 2% and 3%, respectively, following last night’s earnings report.