The firm also removed Meta from its TAP Outperform List while keeping an Outperform rating, citing rising AI spending and unclear capital expenditure visibility.
Evercore ISI lowered its price target on Meta to $820 from $930 and removed the company from its TAP Outperform List, while maintaining its Outperform rating. The change reflects a more cautious bullish stance rather than a full downgrade, with the firm pointing to rising AI spending and murky capex (capital expenditure) visibility as the main concerns. The move suggests analysts remain positive on Meta’s broader outlook but see less near-term certainty around how heavier investment in artificial intelligence could affect spending and returns.