MKM Partners analyst Rohit Kulkarni raised the firm’s price target on Meta Platforms (META) to $155 from $140 and keeps a Buy rating on the shares. The analyst is citing data from his first proprietary ad agency survey as buyers appear to have a positive forward outlook on spend in 2023-2024, with YouTube (GOOGL) and Instagram expecting to experience the largest increase in budget allocation. Kulkarni adds that the near-term stock trend is likely to be based on how low Meta management goes on the 2023 operating expenditure guide, noting that if the company cuts OpEx by over $2B and CapEx by over $1B, the Street would view this as a positive.
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