JPMorgan Chase & Co. pointed out that Meta Platforms (NASDAQ:META) exceeded expectations in Q4 last year, and CEO Zuckerberg designated 2023 as the “year of efficiency”, in sharp contrast to last year’s Q3 earnings report, and believes that its current internal policy will promote long-term development. The bank pointed out that the results showed that Meta performed well in a challenging macro environment, with improved e-commerce ad spending, strong growth in Instagram short video platforms Reels and click-through advertising (CTM), innovation driven by artificial intelligence technology, and changes in platform privacy protection measures. Lower costs have been the biggest driver in the near term, with Meta expecting total spending to fall by $5 billion this year to $89 billion to $95 billion, beating expectations. Xiaomo said that it remained bullish on Meta, raising its target price to $225, corresponding to the 2024 GAAP EPS forecast of about 17.5 times, reiterating its overweight.