Goldman Sachs Lowers Meta Price Target to $815

Goldman Sachs analyst Eric Sheridan lowered the price target on Meta Platforms Inc.

(NASDAQ: META) to $815 (from $870) while maintaining a Buy rating.

“We recap META’s Q3’25 earnings report, where mgmt. framed a few key narratives across a mixed quarter: its core business operations exceeding forecasts (including a strong/solid forward guide with respect to revenue led by advertising) but a continued elevated (& rising) forward investment cycle which is likely to remain the overriding theme in forward stock performance and investor conversations.

On the revenue side, META showed solid results within its core Family of Apps segment, which we expect to continue deeper into 2026 (absent a macroeconomic downturn) – the company’s healthy user/engagement growth and monetization improvements bodes well for sustained above-industry trendline advertising growth for the medium-term.On the investments side, management raised its prior forecast for 2025 total GAAP expenses & capex (raising the bottom end of the guidance ranges for both) and, looking ahead, introduced updated language around 2026 GAAP expense growth (significantly faster vs.

2025) and capex growth ($ growth meaningfully larger vs. 2025).

Overall, we see this capex investment cycle sustaining over at least the next 12-24 months and for GAAP expenses to possibly remain elevated for longer (due to the rising input from depreciation, stock based compensation and leasing expenses for technical infrastructure).”

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