- RBC Capital analyst Brad Ericksson highlighted TikTok cutting advertising employees amid department restructuring showing it is not immune from the ad headwinds as previously noted in June.
- That said, while TikTok spending is likely getting cut before Meta Platforms Inc META in some cases, he believes the offset of new advertisers coming to the platform is likely still enabling results to hold up better than most in social.
- He continues to believe TikTok is getting a meaningful offset through this challenging period, given how many new advertisers are still coming to the platform in search of increasing user engagement and the almighty incremental consumer.
- RBC had an Outperform rating on META with a $190 price target.
- Price Target: META shares traded lower by 1.17% at $157.31 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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