Meta Platforms price target raised to $700 from $675 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Meta Platforms (META) to $700 from $675 and keeps an Outperform rating on the shares. Following a deep dive analysis into Threads, the company’s Twitter-like discussion exchange, the firm says it is “struck by the pace at which Threads is growing,” noting that it anticipates Threads’ user base to surpass X, formerly known as Twitter, in terms of monthly users in the next three to sis months and then surpass 500M users by the end of 2025. Assuming an average of 600M monthly users in 2027, the firm estimates Threads could add almost $8B in revenue and $4B in operating income, while if it assumes “a more robust and reasonable scenario” based on an average of 700M monthly users in 2027, this would generate almost $13B in revenue and $6.5B in operating income, the analyst tells investors.