Meta Platforms Inc. (META) PT Raised to $350 at Deutsche Bank, 'investors are increasingly optimistic on an improving digital ad market'

Deutsche Bank analyst Leo Horowitz raised the price target on Meta Platforms Inc. (NASDAQ: META) to $350.00 (from $290.00) while maintaining a Buy rating.

The analyst comments "We think investors are increasingly optimistic on an improving digital ad market, while META has meaningfully rationalized its cost structure and improved monetization at Reels and Messaging. Recent ad checks indicated ad spend has progressed nicely through the quarter and Facebook and Instagram have been positive relative to peers. We are forecasting revenue to be $31bn in 2Q23, up 7% y/y or up ~9% FXN, which puts us in-line with consensus and our OI forecast is $9.7bn which is ~1% above the street. We increased our FY23 OI estimate by ~3% to $38bn given continued cost efficiency and top-line strength. We maintain our Buy rating and increase our target price to $350 (from $290)."

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