Meta Analyst Sees Higher Upside For Stock Versus Google Amid Subdued Sentiment Towards Metaverse - Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META)

KeyBanc analyst Justin Patterson maintained an Overweight on Alphabet Inc GOOG GOOGL Google and cut the price target to $120 from $125.
Patterson reiterated Overweight on Meta Platforms Inc META and slashed the price target to $175 from $196.
Also Read: Meta Investor Wants Metaverse Spending Slashed, Along With Employee Jobs
Amid mounting concerns about a downturn in 2023, he observed investors were increasingly skeptical of Street revenue growth at META and GOOGL. They instead focused on capital allocation and expense discipline.
While he anticipated flattish-to-LSD EPS growth at both companies, he believed progress with cost containment initiatives could reassure investors that 10%+ revenue growth and high-teens to 20%+ EPS growth is attainable in a 2024 recovery.
Given the subdued sentiment around metaverse investments, he saw more potential upside from META.
Price Action: META shares traded higher by 6.52% at $138.18 on the last check Tuesday.