TD Cowen Lowers Meta Price Target to $800

TD Cowen analyst John Blackledge lowered the price target on Meta (NASDAQ: META) to $800.00 (from $820.00) while maintaining a Buy rating.

“Another Big Qtr for Ad Revenue; Mgmt Raises Capex Guide; META 1Q rev & Op Inc. were +1% & +18% vs cons ests, led by accelerating impressions and ad pricing growth.

2Q rev guide was +3% vs cons est (high end).

Mgmt raised ’26 capex guide by $10BN on elevated component prices while leaving opex guide unchanged (despite recent headcount cuts).

We raised our capex guide and slightly lowered L-T Op. Income. Meta shares are down 7% on higher capex guide and 2Q rev guidance, which was slightly above consensus at the high end.

We slightly raised our 2Q-4Q26 rev forecast, while tweaking L-T revs by less than 0.5% annually. We raised our opex ests by an avg. 2% annually from ’27-’31, driving Op.

Inc lower on increased capex and associated D&A. We raised our ’26 capex est. to $134.1BN, up 92% y/y and reflecting 53% capex as a percentage of sales vs 35% of sales in ’25.

We continue to expect growing Op. Income in ’26, in line with mgmt’s expectation and up 11% y/y to $92.3BN, leading to free cash flow of $13.2BN.

Our DCF-driven PT goes to $800 from $820 prior; maintain Buy rating.”

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