Wall Street updates META stock price target after earnings

Core Insights - Meta Platforms reported second-quarter earnings that significantly exceeded Wall Street expectations, leading to a 12.05% increase in stock price [1] - The company posted earnings of $7.14 per share on revenue of $47.516 billion, surpassing forecasts of $5.89 EPS on $44.83 billion in revenue [3] - Advertising revenue reached $46.563 billion, exceeding the expected $44.07 billion, with total revenue increasing by 22% from $39.071 billion last year [3] Financial Performance - Meta's second-quarter results showcased strong performance, with earnings per share of $7.14 and total revenue of $47.516 billion [3] - The company experienced a 22% year-over-year revenue growth, indicating robust business momentum [3] Future Guidance - Meta provided stronger-than-expected guidance for the third quarter, projecting revenue between $47.5 billion and $50.5 billion, compared to Wall Street's estimate of $46.2 billion [4] - CEO Mark Zuckerberg expressed optimism about the company's future, highlighting advancements in personal superintelligence [4] Analyst Reactions - Following the impressive results, Morgan Stanley raised its price target for Meta to $850 from $750, maintaining an Overweight rating, with a bull case scenario of $1,100 suggesting a 41% upside potential [4] - DA Davidson increased its target to $825, citing strong ad growth and accelerating growth in Meta's Family of Apps [5] - BofA Securities and Citizens JMP raised their price targets to $900, driven by higher earnings per share estimates and increased revenue growth expectations [6]