Mizuho raised the firm’s price target on Meta Platforms to $650 from $600 and keeps an Outperform rating on the shares. Mizuho’s advertising tracking from leading ad platforms show online spending remains resilient in Q3 despite mixed signals from consumer spending, the analyst tells investors in a research note. For Meta, the firm expects the quarter to track ahead of consensus, with conservative expectations for Q4. Mizuho says Meta is set up for a “beat and raise quarter.” Its agency ad spending check is tracking ahead of consensus at the high-end of the company’s guidance of 20% year-over-year growth with upside from political advertising. Although capex will likely increase from the Q2 guidance of 37% year-over-year growth, the company has flexibility in operating spending to offset increased depreciation expenses, contends Mizuho. It believes Meta is the only big technology internet name that could beat and raise in Q3.