Alphabet and Facebook Price Targets Cut at Barclays on Weaker Ad Outlook [TheStreet.com]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: TheStreet.com
The price targets on Alphabet(GOOGLGet ReportFBThe analysts cut their share price target for Alphabet to $1,300 from $1,635 and their target for Facebook to $175 from $260. They maintained their overweight rating for both Alphabet, Mountain View, Calif., and Facebook, Menlo Park, Calif.“The recent[Interactive Advertising Bureau] surveyTo be sure, the Barclays analysts don’t see the companies’ revenue falling as much as their buy-side contacts’ forecast of 20% to 30% year-on-year in the second quarter.The analysts anticipate a move of flat to down 10% for Alphabet’s Google and down 5% to 15% for Facebook.The reduced share-price targets reflect the stocks’ drop in recent weeks.On the upside, the analysts said, “While the conversation is focused on these growth trends, we note that there is a real opportunity for megacap tech to shift the narrative from ‘bad guys’ to ‘good guys’ by helping society in ways that others can’t.“Not just ad credits, but technology solutions that help consumer
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