JP Morgan: Raises Meta's target price to $610, healthy advertising market trends continue into the third quarter

Zhitong
2024.08.02 06:58

JPMorgan Chase released a report stating that it reiterates its "overweight" rating on Meta, with a target price raised from $480 to $610. The company has performed well recently, believed to have made appropriate investments in key long-term plans, especially in AI. Healthy trends in the advertising market support strong performance in the second quarter, extending into the third quarter. Meta's revenue guidance for the third quarter is expected to grow by 13% to 20%, exceeding investor expectations. JPMorgan Chase has increased its capital expenditure forecast for Meta this year by 4% to $40 billion and next year by 21% to $52 billion. At the same time, revenue estimates for this year and next year have been raised by 2% and 6% respectively. The current estimate is for a 15% increase in fourth-quarter revenue this year

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