6 analyst picks: Meta upgraded on expected profit boost from cost cuts | Pro Recap
Investing.com | Author Davit Kirakosyan
Published Apr 06, 2023 19:38
By Davit Kirakosyan
Investing.com -- Here is your daily Pro Recap of the biggest analyst picks you may have missed since yesterday.
Meta upgraded to Buy on deep cost cuts expected to boost profits/h2
Argus upgraded Meta Platforms (NASDAQ:META) to Buy from Hold with a price target of $270.00 as it believes the cost cuts, which are among the most significant in the Tech sector, will boost profitability, even in an uncertain macroeconomic environment, while increased competition in the social media space, particularly from TikTok, may be diminishing.
While acknowledging that the cost-cutting measures will not address the company's revenue issues stemming from macroeconomic uncertainties, a slowdown in digital advertising, and the impact of Apple's (NASDAQ:AAPL) ad tracking policy, the firm noted that these moves demonstrate prudence by management, and should improve profitability, and likely be viewed positively by the market.
The company will report its Q1/23 earnings results on April 26. Wall Street analysts expect an EPS of $2.01 and revenue of $27.65 billion.
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