Another day, another upgrade for Meta Platforms Inc.'s stock.
The stock continues to find new fans despite a 127% rally off its November lows.
“Meta has now narrowed its 2023 operating expense target by another $3B at the midpoint,” Patterson wrote. “Relative to the initial guide for the year, this corresponds to a ~$10B improvement. We believe this underscores that Meta is meaningfully focused on streamlining operations, and that the investment ramp in future years is less intense than we initially feared when management spoke of investment cycles.
Patterson is also upbeat about aspects of the Facebook parent company’s advertising outlook, noting “fine” trends in CPMs, or cost per mille, which is the metric used to measure ad pricing.
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