Jefferies raised the firm’s price target on Meta Platforms to $675 from $600 and keeps a Buy rating on the shares as part of a Q3 earnings preview. Expectations are high with Meta shares up 21% since the Q2 report, but channel checks continue to be bullish, giving Jefferies conviction in revenue coming in above the midpoint of the company’s Q3 guidance, the analyst tells investors in a research note. The firm also expects Meta to guide Q4 revenue above the Street at high end. Jefferies sees pathway to $26-plus in fiscal 2025 earnings, making a $30 2026 earnings per share story “seem possible.” It continues to be encouraged by Meta’s ability to sustain double-digit revenue growth.
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