KeyBanc analyst Justin Patterson lowered the firm’s price target on Meta Platforms (META) to $645 from $710 and keeps an Overweight rating on the shares. The firm’s ad agency checks are deteriorating, with budget growth expectations now landing in the 3%-5% range. While digital ads should generally outpace the market by 2-3 turns, KeyBanc is incrementally cautious that ripple effects on supply chains and consumer spending could pressure margins and EPS across the group.
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