$META Rosenblatt 的 PT 涨至街头最高价 811 美元

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$META PT Raised to Street-High $811 at Rosenblatt Meta's Connect 24 highlighted how Meta, courtesy of a willingness to lose more money than any rival on VR/AR and the Metaverse, and an ability to make effective price/performance choices, is uniquely delivering category products that could be described as leading in consumer adoption. The event also highlighted how Meta is continuing to advance its AI capabilities. The latter, we believe, is currently more important, and is part of a positive inflection in Meta's core advertising business that we believe is still not fully captured in the shares, even after an over 60% rise YTD and 90% LTM (vs S&P 500 20%/32% respectively). We make very minor estimate adjustments, but argue that Meta's growth merits a higher multiple, and raise our Street high price target 26% to $811, assuming Meta can trade in a year at an Apple-like P/E of 30x forward EPS. This is supported by a two-year estimated Adj. EPS CAGR (ex unusual charges, but including stock comp) that we model at 34% (2023A-2025E).

由翻译自 英语

$META Rosenblatt 的 PT 涨至街头最高价 811 美元Meta 的 Connect 24 强调了 Meta 如何以独特的方式提供可谓在消费者采用方面处于领先地位的品类产品，这要归功于 Meta 愿意在 VR/AR 和 Metaverse 上比任何竞争对手损失更多资金，以及做出有效性价比选择的能力。此次活动还强调了 Meta 如何继续提升其 AI 能力。我们认为，后者目前更为重要，并且是 Meta 核心广告业务积极转变的一部分，我们认为即使在年初至今和 LTM 上涨超过 60% 和 90%（而标准普尔 500 指数分别为 20%/32%）之后，这一转变仍未完全体现在股价中。我们对估计值进行了非常小的调整，但认为 Meta 的增长值得更高的倍数，并将我们的华尔街最高目标价上调 26% 至 811 美元，假设 Meta 可以在一年内以类似苹果的市盈率 30 倍的预期每股收益进行交易。这得到了两年估计的调整后市盈率的支持。我们预测的 EPS CAGR（扣除非常规费用，但包括股票补偿）为 34%（2023A-2025E）。