Meta Platforms Upgraded at Argus, Profits Should Boost on Cost Cuts
<p>Argus analysts upgraded <a href='https://financialmodelingprep.com/financial-summary/META'>Meta Platforms Inc. (NASDAQ:META)</a> to Buy from Hold with a price target of $270.00. The analysts expressed confidence that the significant cost reductions made by the social media giant would enhance profitability, even amid economic uncertainty. Furthermore, the intensifying competition in the social media industry, particularly from TikTok, appears to be subsiding.</p>
<p>Argus raised its GAAP EPS estimates to $8.21 from $7.53 for 2023 and to $9.43 from $8.06 for 2024. According to the analyst, Meta is implementing some of the most substantial cost reductions in the technology industry. Meta's revenue challenges are linked to macroeconomic uncertainty, the decline in digital advertising, and Apple's ad tracking policy, and thus, the cost reductions will not do much for the company’s revenues issues, but the analysts believe that it displays management's prudence and are anticipated to enhance profitability, which should satisfy market demands.</p>

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