Piper Sandler Maintains Overweight on Meta, $880 Price Target

Piper Sandler analyst Thomas Champion reiterated an Overweight rating and $880 price target on Meta Platforms Inc.

(NASDAQ: META).

“META Top Large Cap (+): Checks remain strong. We’re most focused on 4Q rev guide & see bogey at ~$59BN on the high-end, or +22% y/y growth.

We recently raised out-year estimates given AI investments and moved META to our top Large Cap pick (LINK ).

We’re interested to hear CEO Zuckerberg talk about new AI initiatives and ad model investments. CAPEX likely moves higher. But, we still see the best management execution in Internet, reiterate OW.

RDDT Users Back in Focus (+): Buyers into 3Q25 following speculation of a potential drop in ChatGPT traffic (LINK ).

In our conversation with management, they emphasized (1) they don’t think this was a change in how OpenAI is using RDDT data, and (2) their primary traffic channels are direct and Google (not LLMs).

Expecrations are high given a significant 2Q25 rev beat. We see a 3Q bogey of $585MM and ~12% q/q guide netting to $660MM in 4Q revs at the mid-point. US DAU’s flattish.

Ads Manager data has trended better.”

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