RBC Capital Lowers Meta Price Target to $810

RBC Capital analyst Brad Erickson lowered the price target on Meta Platforms Inc.

(NASDAQ: META) to $810 (from $840) while maintaining an Outperform rating.

“Superintelligence awaits…so do investors; META’s Q3 print was challenging with a slightly softer Q4 guide, a big raise to the ’26 opex/capex outlook and an AI product narrative that still screens largely unproven for many investors.

The positive spin is AI’s effect on core growth is more durable and underappreciated and that the company’s incremental surface opportunities will start to monetize sooner not later – a plausible outcome made more attractive given recent track record suggests a Q4 beat and ’26 expense guide is de-risked.

The less positive view would be smaller beats going forward shine a brighter light on low ROIC visibility from incremental surface monetization and Street’s earnings & FCF estimates likely coming down.

Consistent with our recent checks, we believe the durability thesis for AI supporting core revenue tailwinds into next year which can allow the stock to work – whereas incremental surface opportunities seem less likely to justify the ongoing investment ramp for the foreseeable future.

Raising revs, lowering EPS estimates and target to $810 based on 29x ’26 EPS.”

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