Meta Platforms price target raised to $675 from $650 at Mizuho

Mizuho raised the firm’s price target on Meta Platforms (META) to $675 from $650 and keeps an Outperform rating on the shares. Meta reported a beat and raise quarter, with topline guidance coming in above consensus due to healthy demand in digital advertising, the analyst tells investors in a research note. In addition, Meta’s capex guidance for FY24 was in line with expectations, but two factors prevented the quarter from checking all the boxes: the server useful life may not be extended in FY25 and that Metaverse spending would be significant, implying an increase year over year in FY25. The firm remains constructive on the stock long-term.