Citigroup Raises Price Target on Meta Platforms to $645 From $580, Maintains Buy Rating
Tiger Newspress09-23
Citi analyst Ronald Josey raised the firm’s price target on Meta Platforms to $645 from $580 and keeps a Buy rating on the shares.
Meta shares gained about 1% in premarket trading.
As Reels ad load and usage continue to expand, Meta’s discovery engine and content recommendation models, powered in part by its investments in generative artificial intelligence, are a competitive advantage and represent a clear path of large language models return on investment, the analyst tells investors in a research note.
The firm believes Meta’s competitive advantage is now “deeper and wider” given improved engagement, investments in generative AI, and multiple newer offerings. Meta remains the firm’s top pick across the internet sector.
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