UBS: Raised Meta's target price to $683 and maintained a "buy" rating.

UBS released a research report indicating that Meta's quarterly results were a pleasant surprise due to the continued progress in cost efficiency, covering depreciation and infrastructure costs as well as employee costs, being able to reduce costs while continuing to invest in generating artificial intelligence growth. The management team has been flexible in responding to the macro environment, and has established leverage buffers to mitigate any potential short-term revenue impacts, providing investors with sufficient space to refocus on long-term new revenue sources, namely commercial AI chatbots and Meta AI search ads. The bank pointed out that despite the ongoing signs of overall macroeconomic weakness, it maintained the company's revenue estimates, with earnings per share estimates for the company for the next two years being raised by 4% and 6% respectively due to improvements in operating expense forecasts, with the target price being raised from $650 to $683. Given that Meta's path to exploring multiple new revenue sources remains clear, the bank maintains its "buy" rating on the company.