Meta Platforms Inc. (META) PT Raised to $775 at Piper Sandler, "We Were Insufficiently Exuberant"

Piper Sandler analyst Thomas Champion raised the price target on Meta Platforms Inc. (NASDAQ: META) to $775.00 (from $670.00) while maintaining a Overweight rating.

The analyst comments: "Results in the reported quarter were again solid & we were too bearish into the print despite our caution on FCF trajectory proving justified. 1Q revenue guidance was a tad weaker than expected although FX was a big impact with a ~3% implied headwind to 1Q25 growth. CEO Zuckerberg sounded bullish, citing potential for new AI advancements and a revamp of 'OG Facebook.' Again, our '25 FCF estimate moves down $4.5BN. Post the quarter we raise FY25 revenue by 1% but lower EBITDA by 3%. The out years rise. Our PT to $775 from prior $670. Reiterate OW."

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