- RBC Capital analyst Brad Ericksson highlighted TikTok cutting advertising employees amid department restructuring showing it is not immune from the ad headwinds as previously noted in June.
- That said, while TikTok spending is likely getting cut before Meta Platforms Inc (NASDAQ:META) in some cases, he believes the offset of new advertisers coming to the platform is likely still enabling results to hold up better than most in social.
- He continues to believe TikTok is getting a meaningful offset through this challenging period, given how many new advertisers are still coming to the platform in search of increasing user engagement and the almighty incremental consumer.
- RBC had an Outperform rating on META with a $190 price target.
- Price Target: META shares traded lower by 1.17% at $157.31 on the last check Tuesday.
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