《大行報告》花旗降Meta(META.US)目標價至168美元 評級「買入」
花旗發表報告,指Meta(META.US)今年第三季廣告收入較該行預測高出約2%;該行認爲,當Facebook、IG以及WhatsApp的全球用戶互動和瀏覽時間持續增長,以及Meta提出的廣告識別符(IDFA),廣告商對較新格式如點擊至訊息(Click-to-Message)或影片(Reels)需求,在某程度可抵銷宏觀逆風。這意味着Meta投資於人工智能及內容發掘、廣告及訊息、以及元宇宙明年營運支出和資本支出等,其增長速度均明顯地快於其收入。
該行認爲,當宏觀環境或會惡化、以致影響自由現金流的能見度,其風險在於Meta需要一年時間駕馭自身的高成本結構。該行指,Meta第四季收入指引爲300億美元至325億美元,以反映在宏觀經濟環境下繼續面對不穩定,廣告業務備受挑戰;明年營運支出預測則在960億美元至1,010億美元之間,並計劃保留明年員工數量按年持平。
該行表示,將其目標價由222美元下調至168美元,維持其評級爲「買入」。
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