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- RBC Capital analyst Brad Erickson reiterated Outperform on Meta Platforms Inc (NASDAQ:FB), but lowered the price target from $245 to $240 (11.3% up).
- Another round of channel checks from SMB ad agencies raised belief that FB is likely to have another tough quarter, resulting in lower estimates and a PT at $240.
- Beneficiaries of FB erosion appear largely unchanged: Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), Tiktok, influencers and Microsoft Corp. (NASDAQ: MSFT) LinkedIn.
- Digital ad spend decisions continue to evolve, with many SMBs considering new channels outside of FB for the first time.
- Erickson detected no perceived FB targeting algo or performance improvement.
- Erickson saw some return at some point in FB audience size and relative scaled conversion advantage (which kept to Outperform), but saw that narrative as unlikely to materialize. short term.
- Price action: FB shares traded 0.91% higher at $216.06 last check Wednesday.
Latest reviews for FB
| Date | Solidify | Stock | Since | For |
|---|---|---|---|---|
| March 2022 | German Bank | Initiates coverage on | To buy | |
| March 2022 | Piper Sandler | Maintains | Neutral | |
| March 2022 | Morgan Stanley | Maintains | Overweight |
View more analyst notes for FB
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