Meta Platforms:Quarterly Results/2024 Q3: Difference between revisions

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 === Analysts estimates ===
+'''Earnings revisions at Seeking Alpha'''
+== Analysts opinions and insights ==
+=== Ad spending rebounded further in Q3 and Meta remains the top destination for ad dollars. ===
+* Buy, $600->$650: Raymond James said (October 10) their checks indicate that in Q3 there was an upside growth of 1% to 1.5% in total ad spending with outperformance skewed towards Meta and Google<ref>https://thefly.com/permalinks/entry.php/id3996315/META-Meta-Platforms-price-target-raised-by--at-Raymond-James-heres-why</ref>.
+* Buy, $570->$650: Truist said there was sustained social ad demand and higher CPM in Q3. It added that Meta's AI investments continue to drive better ranking and recommendations for users and advertisers<ref>https://thefly.com/permalinks/entry.php/id3996252/META-Meta-Platforms-price-target-raised-by--at-Truist-heres-why</ref>.
+* Buy, $475->$520: BMO said (October 9) their are seeing outsized near-term contributions from political advertising as well as regulatory TikTok uncertainty<ref name=":0">https://thefly.com/permalinks/entry.php/id3995605/META-Meta-Platforms-price-target-raised-by--at-BMO-Capital-heres-why</ref>.
+* Overweight: $660->$670: Cantor Fitzgerald said the ad checks were strong in the past few months and the underlying drivers have a long runway. They expect categories such as travel to lift Meta further. However, they see upside expectations as elevated due to recent outperformance. They pointed out that Q4 revenue guidance of $48 billion is needed for the shares to outperform on the print<ref name=":1">https://thefly.com/permalinks/entry.php/id3995567/META-Meta-Platforms-price-target-raised-by--at-Cantor-Fitzgerald-heres-why</ref>.
+* Overweight: $560->$655: Keybanc said their checks indicate ad spend remained strong in Q3<ref>https://thefly.com/permalinks/entry.php/id3995260/META-Meta-Platforms-price-target-raised-by--at-KeyBanc-heres-why</ref>.
+* Buy, $635->$690: UBS said though there was a slow start in ad spend in Q3, there was a pick up in August and September aided by political advertising. Ad spend also benefitted from brand advertising recovery<ref>https://thefly.com/permalinks/entry.php/id3994132/META-Meta-Platforms-price-target-raised-by--at-UBS-heres-why</ref>.
+* Buy, $600->$665: Guggenheim said Meta remains the top destination for ad dollars as seen in Q3<ref name=":2">https://thefly.com/permalinks/entry.php/id3994035/META-Meta-Platforms-price-target-raised-by--at-Guggenheim-heres-why</ref>.
+=== Meta to report solid results in Q3 2024 ===
+* Buy, $555->$636: Goldman Sachs pointed out (October 14) that channel checks indicate Meta will deliver at -or -above revenue guidance for Q3 2024. It also expects Meta to deliver sustained mid-teens revenue growth throughout 2025<ref>https://thefly.com/permalinks/entry.php/id3997366/META-Meta-Platforms-price-target-raised-by--at-Goldman-Sachs-heres-why</ref>.
+* Buy, $647->$652: Wells Fargo expects Meta to post a robust quarter and guide for a solid Q4<ref>https://thefly.com/permalinks/entry.php/id3991856/META-Meta-Platforms-price-target-raised-by--at-Wells-Fargo-heres-why</ref>.
+=== Cautious outlook on Q3 earnings ===
+* Buy, $550->$620: Roth MKM said (October 11) their channel checks were mixed and that there was a pullback from Chinese ecommerce advertisers. It also pointed out that analysts expectations carry "a minimal margin of error."<ref>https://thefly.com/permalinks/entry.php/id3997000/META-Meta-Platforms-price-target-raised-by--at-Roth-MKM-heres-why</ref>
+* Buy, $475->$520: BMO said (October 9) ad channel checks indicate Meta's 1x revenue growth tailwinds are fading and CPG/leisure verticals are weakening<ref name=":0" />.
+=== The focus on Q3 earnings will be on Q4 guidance ===
+* Buy, $600->$665: Guggenheim said investor focus will be on Q4 revenue guidance. They are forecasting $47 billion versus consensus estimate of $46.2 billion<ref name=":2" />.
+* Overweight: $660->$670: Cantor Fitzgerald pointed out that Q4 revenue guidance of $48 billion is needed for the shares to outperform on the print<ref name=":1" />.
+== References ==