Meta Reports Mass Layoffs, Here's A Look At Recent Price Target Cuts By The Most Accurate Analysts

Meta Platforms, Inc. META confirmed details surrounding layoffs in a letter to , employees.

The company announced a planned layoff of 11,000 employees and affirmed Q4 revenue guidance.

“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended,” Mark Zuckerberg, the CEO of Meta Platforms said. “I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”

Meta has more than 87,000 employees as of end-September. The company recently reported weaker-than-expected Q3 earnings and issued Q4 revenue guidance with a midpoint below estimates. The company also guided FY23 expenses of $96 billion to $101 billion.

Meta shares gained 5.2% to close at $101.47 on Wednesday.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the social media giant in the recent period.

• Tigress Financial’s analyst Ivan Feinseth reiterated a Strong Buy rating on the company’s stock on November 2, 2022, but lowered the price target from $466 to $220.
• Accuracy Rate: 47%

• Goldman Sachs analyst Eric Sheridan maintained a Buy rating on Meta on October 27, 2022, but slashed the price target from $200 to $165.
• Accuracy Rate: 77%

• MKM Partners analyst Rohit Kulkarni maintained a Buy rating on the social media company on October 27, 2022, but cut the price target from $195 to $140.
• Accuracy Rate: 81%

• Stifel’s analyst Mark Kelley maintained a Buy rating on the stock on October 27, 2022, but lowered the price target from $230 to $185.
• Accuracy Rate: 88%

• Deutsche Bank’s analyst Benjamin Black reiterated a Buy rating on October 27, 2022, but slashed the price target from $170 to $125.
• Accuracy Rate: 33%