Meta Platforms price target lowered to $790 from $910 at Pivotal Research

Pivotal Research lowered the firm’s price target on Meta Platforms (META) to $790 from $910 and keeps a Buy rating on the shares. The company reported solid Q1 results but its spending was increased again, the analyst tells investors in a research note. Pivotal believes the return on invested capital for Meta’s “massive AI spend appears to be far more uncertain” relative to Google and Amazon. The fact that Meta spent $100B on the failed Metaverse project does not help, adds Pivotal.