Keybanc analyst Justin Patterson reiterated an Overweight rating for Meta Platforms (NASDAQ:META) and raised the price forecast from $655 to $800 on Wednesday, citing strong second-quarter ad trends, stable macro conditions, and momentum in AI.
Patterson increased his 2025 and 2026 revenue and earnings estimates for Meta, anticipating a better-than-expected performance driven by resilient ad spending, improving travel trends, and a weakening U.S. dollar.
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He also highlighted strength in tariff-sensitive sectors like autos and retail, and noted that large tech firms are benefiting from a "reverse acqui-hire" trend, boosting talent acquisition.
Patterson's updated target is based on projected Q2 revenue of $45.3 billion and Q3 guidance of $46.5 billion. Despite higher capex and opex from AI investments, he remains bullish, now forecasting 2027 revenue of $244 billion and EPS of $32.01.
Price Action: META stock is trading lower by 0.22% to $701.46 at last check on Thursday.
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