Stifel Raises Meta Price Target to $820

Stifel analyst Mark Kelley raised the price target on Meta (NASDAQ: META) to $820.00 (from $785.00) while maintaining a Buy rating.

“4Q results were very healthy with revenue above the high-end of the guide, and strength (and then some) that carried over to the 1Q guide, with FXN growth that implies a healthy acceleration from 4Q (+5pts).

Initial guidance ranges for 2026 totex / capex came in above the bogeys we heard, which we believe ratcheted higher as the print approached, contributing to an implied increased level of operating margin compression this year (particularly for FoA).

One thing that caught our attention was acknowledgment that this elevated level of spend is not purely aimed at advertising, with newer products on the roadmap that sound far broader, albeit likely years away from scaling.

In the near-term, we’re positive on the continued improvement on the ads-side (heard of biggest ROIC gains in 4Q per our checks), and the already massive user base continues to grow (+7% y/y).”

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