By Senad Karaahmetovic
Oppenheimer raised the price target on Meta Platforms (NASDAQ:META) to $235 per share from the prior $220, citing “higher advertising estimates as AI investments are beginning to drive improved targeting.”
During Digiday's Media Buying Summit, analysts were talking to social media companies about the latest advertising trends.
“FB/ IG's share of spend is stable/increasing, with attribution getting better (cited in the majority of conversations), as advertisers are using more internal data to prove ROI and updates now allow 28-day attribution window (SKAdNetwork 4.0). TikTok analytics/attribution getting better, cited as easiest platform to work with. Limited mention of SNAP. Twitter budgets shifting to FB/IG,” Oppenheimer analysts wrote in a client note.
They also discussed the recent media reports that Meta is preparing for another round of layoffs.
“META is preparing another round of layoffs on top of the 11,000 from November. We could therefore see additional upside to current '23 GAAP expense guidance, which helped drive shares higher during 4Q earnings. Given lack of details, we are not updating our model for lower expenses,” the analysts added.
Meta stock trades about 0.5% lower in premarket amid broader tech weakness.