TD Cowen Raises Meta Price Target to $820 Post Ad Buyer Survey
TD Cowen analyst John Blackledge raised the price target on Meta (NASDAQ: META) to $820.00 (from $810.00) while maintaining a Buy rating.
“Key ’26 Ad Buyer Survey conclusions: i) We forecast Core FB + IG share of WW Digital adv. rises from 30% to 34% ’25-’30, driven by IG & Core FB share gains; ii) Reels remains the short form platform of choice for ad buyers; & iii) Ramping uptake of GenAI tools is driving ROAS and supporting long-term META growth.
We slightly raised ad revenue and capex estimates; PT to $820. Maintain Buy.
We tweaked near-term advertising revenue estimates while raising our longer-term ’26-’30 revenue ests by 1.6% annually on avg. given further Reels momentum.
We also raised our ’26 and longer-term capex estimates given further AI infrastructure build out. We now expect ’26 capex of $125BN, up 76% y/y vs. our ’25 est. and vs. our prior $123BN estimate.
We rolled our model to 2031; DCF-based Price Target goes to $820/ share from $810 prior.”
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