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BofA Securities lowered its price targets on Alphabet (NASDAQ:GOOGL) to $114.00 (from $125.00) and on Meta Platforms Inc (NASDAQ:META) to $196.00 (from $218.00), while maintaining a Buy rating.
While noting the deteriorating advertising revenue outlook for 2023, BofA believes negative sentiment and lower valuations make for a more attractive investment backdrop. “Alphabet’s Performance Max and Meta’s Reels monetization can be important revenue drivers in 2023,” said BofA.
Oppenheimer lowered its price target on Microsoft (NASDAQ:MSFT) to $275.00 from $300.00 while maintaining an Outperform rating.
Craig-Hallum lowered the price target on Western Digital Corp. (NASDAQ:WDC) to $50.00 from $85.00 while reiterating a Buy rating.
MoffettNathanson raised the price target on Netflix (NASDAQ:NFLX) to $220.00 from $190.00 while maintaining a Market Perform rating. While the analysts are more positive, they believe the sell-side may be overestimating the free ad tier opportunity.
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