BofA Keeps Buy on Meta, $900 Price Target

BofA Securities analyst Justin Post reiterated a Buy rating and $900 price target on Meta Platforms Inc. (NASDAQ: META)

“We expect 3Q Rev/EPS of $50.0bn/$7.30 vs Street $49.5bn/$6.69.

Checks suggest potential upside driven by improving macro, accelerating AI benefits, & higher sector ad spend to backfill softer organic Google traffic.

We think Street could be expecting 3Q revenue between $50.5-51.0bn. Job data suggests investment continues with 3Q postings up 6% q/q; we est. 3Q op. margins down 49bps y/y to 42.3%.

For 4Q’25, we estimate Rev/EPS of $58.8bn/$8.90 vs Street $57.3bn/$8.12. Assuming 3Q at high end of the guide, we expect 4Q guide of $55.5-$59bn (up 15-22% y/y).

Given AI build, we expect continued FY25 investments and think Meta could narrow CY’25 expense range to $115-$117bn (from $114-118bn) & raise low end of Capex range by $2bn and guide to $68-72bn.

We expect Meta to formally guide ’26 expenses on the next call, while maintaining outlook for ’26 expense growth to accelerate (higher D&A).”

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