Evercore ISI Lowers Meta Price Target to $820

Evercore ISI analyst Mark Mahaney reiterated an Outperform rating on Meta Platforms (NASDAQ: META) and lowered the price target to $820 (from $930).

“Our View: We reiterate our Outperform rating on META but lower our estimates and our price target from $930 to $820 (55% upside), based on 25x our ’27 EPS of $32.75, in the wake of Modest Beat & Bracket Q2 EPS results.

Revenue of $60.8B (up 27% Y/y ex-FX) came in approx. 1% ahead of ISI/Street, while Operating Income (ex-1xers) came in at $22.4B (37% Margin), approx. 13% ahead of ISI/Street.

Q3 Revenue guide bracketed the Street, while META increased modestly its FY26 Capex and Totex guides.

All in, fundamentals were mixed, with Revenue Growth ex-FX deceling 2 points on a 3 pt tougher comp, and Op Margins declining 600 bps Y/Y (ex-1xers).

With this note, we are closing out our TAP Outperform Call.”

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