BofA Trims Meta Platforms Price Target to $820 but Stays Bullish: Is Ad Spending Holding Up Better Than Feared?

Bank of America reduced its price target on Meta Platforms to $820 from $885 but kept a Buy rating, signaling valuation multiple compression rather than concerns about the company’s fundamentals. BofA’s channel checks show ad spending remained resilient into Q1, and the firm forecasts revenue of $56.0 billion and EPS of $7.44—above Street estimates—supporting a constructive near-term outlook. Despite the trimmed target, BofA’s call still implies meaningful upside from Meta’s ~$672 trading level. Investors should watch the upcoming Q1 print and management commentary on ad demand and AI spending, as heavy capex and Reality Labs losses are compressing near-term free cash flow.