Meta Platforms(US:META) 贝塔投资智库·2025-07-30 04:09Core Viewpoint - Bank of America maintains a "Buy" rating for Meta Platforms (META.US) with a target price of $775, indicating an 8.4% upside from the current price of approximately $714.80 [1] Revenue and Earnings Forecast - Meta is expected to report Q2 revenue of $45.5 billion and earnings per share (EPS) of $6.12, both exceeding market expectations of $44.589 billion and $5.84 respectively [1] - For Q3, revenue guidance is projected between $44 billion and $47.5 billion, suggesting a total annual revenue of $190 billion, significantly above the market's forecast of $187.1 billion [1] Advertising Performance - Q2 advertising revenue is anticipated to grow by 16% year-over-year to $44.533 billion, driven by AI-driven ad personalization, integration with large clients, and the growth of short video platforms [2] - The average revenue per user (ARPU) is expected to increase by 10% year-over-year to $13.06, supported by an 8% rise in ad impressions and a 7% increase in average ad prices [2] User Engagement - Instagram's daily active users (DAU) grew by 4% year-over-year to approximately 345 million, with international users spending an average of 72 minutes daily [4] - Facebook's DAU slightly declined by 0.1%, with a 2% drop in U.S. users, and average usage time decreased to 46 minutes [4] Valuation Metrics - Meta is trading at 24.5 times the 2025 GAAP EPS of $26.83, with the core Facebook business trading at a lower multiple of 19 times, below the S&P 500 average of 21.7 times [6] - The target price of $775 is derived from the 2026 GAAP EPS of $29.16 plus net cash, indicating that the potential of AI commercialization is not fully priced in [7] Potential Catalysts and Risks - Key points to watch in the upcoming Q2 earnings call include validation of the AI ad engine, Q3 revenue guidance, and progress in monetizing WhatsApp and Threads [8] - Risks include the lack of return cases for AI investments, potential underperformance in ad revenue, stricter EU regulations, and competition from TikTok and YouTube Shorts [8]