Brian White, an analyst from Monness, maintained the Buy rating on Meta Platforms (META – Research Report). The associated price target is $370.00.
Brian White’s Buy rating on Meta Platforms is rooted in several key factors. Firstly, White believes that Meta is in a strong position to capitalize on the ongoing shift towards digital advertising and the development of artificial intelligence. Moreover, the company’s long-term involvement in the construction of the metaverse is also seen as a positive. However, it’s important to note that ongoing regulatory scrutiny is a potential risk factor, and White suggests that the most challenging times of this downturn are yet to come.
Furthermore, White expects Meta’s growth to pick up pace, predicting that the company will at least meet his 3Q:23 revenue forecast of $33.79 billion and EPS estimate of $3.67. This revenue estimate represents a significant year-on-year acceleration from the previous year. Additionally, he forecasts a 22% increase in advertising revenue and foresees a 1% quarterly increase in DAUs (Daily Active Users). White also highlights Meta’s recent launch of new products and innovations in mixed reality, AI, and smart glasses, which he believes will drive further user engagement. Lastly, he points out the company’s traditionally strong performance in the fourth quarter, further supporting his Buy rating.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a $415.00 price target.
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Meta Platforms (META) Company Description:
Social networking company Facebook, Inc. develops applications that enable people to connect through mobile devices, personal computers, and other devices. The firm’s products include Facebook, Instagram, Messenger, WhatsApp, and Oculus. Its revenue comes primarily from advertising. The company was founded by Mark Zuckerberg, Dustin Moskovitz, Chris R. Hughes, Andrew McCollum, and Eduardo P. Saverin on February 4, 2004 and is headquartered in Menlo Park+D9, CA.
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