Jefferies reaffirms its 'buy' recommendation on Meta Platforms, and raises its price target from $425 to $455, citing 'the most positive recent valuations of digital advertising in several years'.

These factors reinforce his conviction that fourth-quarter revenues will be at the top end of the target range, and that the Group's revenue targets for the current quarter will exceed the upper end of market expectations.

Despite the 194% yield in 2023, the stock looks cheap at around 19 times 2025 EPS, and we believe it can climb with accelerating sales growth and positive EPS revisions," adds Jefferies.

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