Rosenblatt Raises Meta Price Target to $1,117

Rosenblatt analyst Barton Crockett raised the price target on Meta Platforms Inc.

(NASDAQ: META) to $1,117 (from $1,086) while maintaining a Buy rating.

“ Meta’s 3Q25 was great — 26% actual, 25% constant currency, revenue growth, beating by 5%, adding Y/Y $12B of revenue to drive quarterly sales to $51.2B, while also delivering Adj.

EBITDA of $31.0B, up 21% Y/Y, for a 60.6% margin, and beating by 4%. EPS ex a 1x tax item of $7.25 rose 20% Y/Y and beat by 9%.

The guidance high end for 24% Y/Y growth in 4Q25 sales is ~ 3% above estimates. Consternation post-close comes from spending.

Meta advised of expectations to spend $70-$72B on capex this year (vs $66-$72B before), to absorb expenses this year of $116-$118B (versus $114-$118B before.) In 2026, capex spend is upped to “notably” larger growth in dollar terms than in 2025 (versus comparable before), while 2026 expenses are said to grow at a “significantly faster rate.” But we net it out and still end up raising EBITDA and Adj.

EPS estimates for 4Q25 and 2026, driving our price target up 3%. The top-line ROI on these AI investments appears to support the spend.

We maintain our BUY rating, and raise our PT 3% to $1,117, which is an EV of 20x 2026E Adj. EBITDA, supported by a low 20% EBITDA CAGR 2025E-2027E.”

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