BofA Analyst Highlights Meta's Improved Reels Monetization and Rising Revenue Projections Ahead of Q3

Benzinga2023-10-21

BofA Securities analyst Justin Post reiterated a Buy rating on Meta Platforms, Inc with a price target of $375.Post cut his estimates for recent currency translation changes and is still in line with ...

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selwyn
2023-10-21
selwyn
Thanks

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His checks suggest Meta benefits from improving the digital ad market, ramping Reels monetization, and improving AI-driven ad measurement. The analyst now estimates 3Q revenue at $33.5 billion (up 21% Y/Y), in line with Street, and EBITDA at $18.5 billion and EPS at $3.79, above Bloomberg estimates of $17.9 billion and $3.60, respectively. He expects in-line to modest beat for DAUs.The analyst expects possibilities of a higher-than-expected 4Q growth outlook, strong traction for Reels monetization, and positive commentary on AI-driven engagement and ad spending benefits. Assuming Meta adds some conservatism in the 4Q outlook given the evolving macro and geopolitical landscape, he expects a 4Q revenue guide around $37.5 billion - $40.5 billion (vs. Street at $38.7 billion). With baseline 2023 expenses around $85 billion, he thinks FY24 total expense guidance could bracket $100 billion assuming higher depreciation, compensation increases (more tech talent), more Oculus units and RL investments, flattish average Y/Y headcount, and usual cushion in the guide. With Street at expenses of $96 billion, guidance could create some volatility, but Street will likely see a cushion in the guide. Post projects FY23 revenue and EPS of $133.41 billion (prior $133.98 billion) and 18.50 (prior $18.56). He estimates FY24 revenue and EPS of $151.77 billion (prior $152.63 billion) and 23.00 (prior $23.02). The analyst expects FY25 revenue and EPS of $169.1 billion (prior $169.87 billion) and 26.45 (prior $26.47).","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":232759764369688,"gmtCreate":1697854816100,"gmtModify":1697854819187,"author":{"id":"3555362771681553","authorId":"3555362771681553","name":"selwyn","avatar":"https://static.tigerbbs.com/a7e6473ec2cec348d167d7d95fbdb76c","vip":1,"crmLevel":7,"crmLevelSwitch":0},"htmlText":"Thanks&nbsp;","listText":"Thanks&nbsp;","text":"Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/232759764369688","repostId":1187280912,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.0","shortVersion":"4.24.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1187280912"}