KeyBanc turns bullish on Meta Platforms on robust ad revenue, cost cuts
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Meta Platforms (NASDAQ:META) has attracted another bullish recommendation, this time by KeyBanc which raised its rating on the Facebook parent from "Sector Weight" to "Overweight."
Citing bigger-than-expected cost cuts and robust ad revenue as rationale behind the upgrade, KeyBanc Capital Markets analyst Justin Patterson said: "cost cuts have been much greater than expected and ad spend looks fine."

With the latest round of job cuts, Meta's 2023 opex forecast has been reduced by about 10%, added Patterson.
KeyBanc is the third broker to turn bullish on the stock in a week. On Tuesday, META shares gained after Morgan Stanley raised its rating to overweight amid the company's efforts to increase efficiency.

SA Quant system rates META as "Hold." Shares were up marginally in premarket hours and have surged 62% YTD