Benzinga | Dec 2, 2021 11:57AM EST

UBS Is Bullish On Facebook, Sees 37% Upside

* UBS analyst Lloyd Walmsley assumed Meta Platforms Inc (NASDAQ:FB) coverage with a Buy rating with a price target of $425, up from $416, implying a 36.8% upside.

* The company will likely benefit from the better operating performance and multiple expansion following the reset of Q3 results.

* Ad checks tell us budget cuts specific to ATT/ privacy headwinds were swift, and as ad tech improvements hit, budgets will likely return quickly, Walmsley adds. He states that he sees additional upside potentially coming from Reels, Watch, and eCommerce functionality.

* Related Content: Read Why UBS Is Bullish On This E-Commerce Giant, Sees 37% Upside

* Price Action: FB shares traded lower by 0.58% at $308.79 on the last check Thursday.