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Needham & Company analysts reiterated an Underperform rating on Meta Platforms (NASDAQ:META) and lowered FY23 estimates for the internet behemoth.
The analysts now expect Meta to generate $118.9 billion in 2023 revenue and adjusted EPS of $7.57. The new revenue projection calls for 4% revenue growth year-over-year (YoY) and represents a 5% cut relative to prior estimates.
They highlighted their top 5 worries as far as Meta is concerned:
However, the analyst admits she could be wrong if U.S. regulators ban TikTok. Media reported yesterday that TikTok has stepped up its efforts to convince the U.S. government to allow it to remain under the ownership of Chinese technology company ByteDance.
Meta Platforms stock closed at $117.12 yesterday and is down about 64% year-to-date (YTD).
