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Meta Platforms shares fell more than 2% on Friday, extending this week's decline, as investors worried about heavy AI spending ahead of the third-quarter earnings report on October 21. At 12:17 p.m. Eastern, the stock was at $720.04, down $16.68 (2.26%), after a 3.27% drop on Wednesday. Guggenheim analyst Michael Morris raised his own 2027 capital spending estimate to $225 billion from $203 billion, while Goldman Sachs cut its price target to $762 from $860 over rising operating and AI costs but kept a Buy rating. Citi raised its target to $895 from $800, and UBS and Guggenheim also raised targets on AI agent revenue and advertising automation. The stock also tracked a broader AI sell-off driven by hotter-than-expected U.S. inflation data.
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