Truist Lowers Meta Price Target to $763
Truist Securities analyst Youssef Squali lowered the price target on Meta Platforms Inc.
(NASDAQ: META) to $763 (from $770) while maintaining a Buy rating.
“Meta’s agreement with a group of 52 AGs across 48 US states over teens’ online safety is a step towards putting this important issue (and a source of investor concerns) behind the company and is therefore an incremental positive for the stock.
Financially and beyond the substantial financial settlement of $18B, we don’t expect this agreement to have a material impact on user engagement or revenue as teens account for less than 1% of revenue and spend ~1hour/day on IG (against a settlement limit of 2 hours/day).
The $18B settlement includes $5.3B which Meta pays only if TikTok and YouTube agree to implement similar changes and match Meta’s $5.3B remaining payment.”
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