Piper Sandler analyst Thomas Champion upgraded Meta Platforms (NASDAQ:META) to overweight from neutral and raised its price target to $215 from $136. The analyst said in the research note that Meta’s spending guidance for fiscal 2023 was significantly lowered, resulting in a “significant increase” in free cash flow forecasts. Analysts believe that despite the difficulties in the advertising market and the fact that the company’s investment in the metaverse space has not compromised, the dramatic change in this quarter’s results justifies the company to receive a more constructive rating.