Meta Platforms price target lowered to $1,015 from $1,144 at Rosenblatt

Rosenblatt lowered the firm’s price target on Meta Platforms (META) to $1,015 from $1,144 and keeps a Buy rating on the shares. News yesterday of a new large language model, Muse Spark, is an “obviously encouraging response to the market skepticism that Meta is spending buckets and floundering in AI,” the analyst tells investors in a research note. However, Rosenblatt trimmed Meta’s estimates for Q2 through Q4, saying the Iran war gas-price spike seems likely to persist for a while. This will impact U.S. and outside the U.S. consumer spending, contends Rosenblatt.