Our target price declines to $580 from $600 on lower estimates. Investment Thesis: META may be in the penalty box for a few quarters as consensus estimates come in, and catalysts get more likely going into September events (Connect, Conversations). We remain Buy rated and would build positions near-term, then accumulate more aggressively as catalysts approach.
What’s New: In this first take following tonight’s results, we touch on: 1. Higher 2024 capex will drive increased investor focus on the R in ROI on generative AI 2. So, what AI initiatives could drive new revenues in 2024? 3. 1Q24 actual revenue and 2Q24 guidance strong, but not enough for the biggest Bulls 4. No updates on the $10B Contribution Club, but Meta Lattice highlighted for ad impact 5. Paid Messaging on WhatsApp is a $1 billion business, slightly above our estimate 6. Expense guidan...
Moody's Ratings (Moody's) upgraded Meta Platforms, Inc.'s (Meta) senior unsecured notes rating to Aa3, from A1. Moody's Ratings also upgraded the senior unsecured shelf rating to (P)Aa3, from (P)A1 and the long-term issuer rating to Aa3, from A1. The outlook is stable. The ratings upgrade reflects...
Farmers & Merchants Bancorp (FMCB) Reports Strong First Quarter 2024 Earnings First Quarter 2024 Highlights Net income of $22.7 million, or $30.56 per share;Achieved return on average assets of 1.71% and return on average equity of 16.33%;Strong liquidity position with $738.4 million in cash, $239.9 million in available-for-sale investment securities and a borrowing capacity of $1.9 billion as of March 31, 2024;Strengthening capital position with a total risk-based capital ratio of 14.23%, common equity tier 1 ratio of 12.75%, tier 1 leverage ratio of 10.85% and a tangible common equity ra...
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