Scotiabank lowered the firm’s price target on Meta Platforms (META) to $525 from $627 and keeps a Sector Perform rating on the shares. The overall market sentiment for stocks in the Internet space has shifted, with stocks exposed to China and tariffs underperforming while ‘safer’ names outperform, the analyst tells investors. Key trends appearing for the quarter include: weakening ad spend across most sectors, moderated cloud demand, and a secular shift into ‘safer’ names. The firm names Meta as its last pick in the sector.
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