Stifel Lowers Meta Price Target to $780
Stifel analyst Mark Kelley lowered the price target on Meta (NASDAQ: META) to $780.00 (from $805.00) while maintaining a Buy rating.
“Solid revenue and GAAP EPS results came in ahead of expectations, even scrubbing out one time benefits for the latter.
DAPs declined sequentially (first time since 2Q19), though would have grown excluding access headwinds in Iran & Russia.
2Q guidance bracketed consensus, and totex for ’26 was unchanged, though FY26 capex guidance was revised higher (+$10bn), again sparking questions around ROI.
Mgmt continues to highlight its grand picture of the future via Superintelligence, though we believe having a publicly announced model out of MSL is a good start for helping investors wrap their heads around where dollars pay off long-term (Muse driving +DD% Meta AI sessions / user).
In the meantime, the debate centers on the positives from an accelerating core business vs. a very real FCF drain (we now model neg.
FCF in ’26). We update our ests, and our TP goes to $780 as a result.”
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