Facebook (FB) PT Raised to $450 at Mizuho Securities Following Checks
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(Updated - July 26, 2021 6:45 AM EDT)
Mizuho Securities analyst James Lee raised the price target on Facebook (NASDAQ: FB) to $450.00 (from $400.00) while maintaining a Buy rating.
The analyst commented, "We did checks on FB with a leading agency. Key points: Although the impact of IDFA/ATT is still early, we saw a mix shift to brand spending from DR. However, we believe this trend has a limited impact to FB as the strength of new verticals such as Health and Home & Garden should more than offset the weakness in Games and Education. With that in mind, we believe the agency’s pricing growth of 11% QoQ is a good proxy, tracking ahead of consensus of 7%. Maintain Buy and raise our PT from $400 to $450 on an increased target multiple of 13.0x FY23 EBITDA, to reflect limited impact of IDFA and upside for margins."
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