Meta to keep facing Apple privacy pinch, TikTok heat for now

FILE PHOTO: A smartphone with Facebook's logo is seen in front of displayed Facebook's new rebrand logo Meta in this illustration taken October 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Stiff competition from TikTok and Apple Inc's privacy changes will remain a cause for concern for Facebook-owner Meta Platforms Inc in the near term, Wall Street analysts said.

At least 16 brokerages cut their price targets on Meta after the company reported its first-ever quarterly revenue drop on Wednesday, highlighting challenges faced by U.S. companies from a stronger dollar and worries of an impending recession.