Evercore ISI Maintains Outperform on Meta, $930 PT
Evercore ISI analyst Mark Mahaney reiterated an Outperform rating and $930 price target on Meta Platforms (NASDAQ: META).
“META—Quick Look At Q2 Results: These were very solid results for Meta, fundamentally, with the company continuing to be by far the fastest growing ad platform at scale in the Net sector.
Meta printed a Beat & Bracket Q2 with Revenue of $60.8B (+28% Y/Y and +27% Y/Y ex-FX vs.
29% Y/Y ex-FX in Q1 on a 3-pt tougher comp) coming in 1% ahead of the Street and toward the high end of its $58-61B guidance range, Advertising Revenue of $59.4B (+27% Y/Y, +26% ex-FX), with ad impressions +14% Y/Y and average price per ad +12% Y/Y, also ~1% ahead of the Street.
Operating Income excluding ~$3.6B of one-time items — a $2.40B legal charge and $1.18B of severance tied to the May 2026 headcount reduction — was $22.4B (~37% margin), 5% ahead of the Street.
For Q3, Meta guided revenue of $61-64B (~+22% Y/Y at the midpoint, inclusive of an anticipated ~1-pt FX headwind to growth), bracketing Street consensus of ~$63.1B.
For FY26, Meta raised the low end of its TotEx guidance to $165-169B (~+41% to +44% Y/Y), up from $162-169B prior, to incorporate the $2.4B legal charge, and narrowed its CapEx guidance to $130-145B (+86% to +108% Y/Y), from $125-145B prior.
Meta also reiterated that FY26 Operating Income will be above 2025.”
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