© Reuters
Analysts at Oppenheimer and JMP Securities raised their price targets on Meta Platforms Inc (NASDAQ: ) in Monday’s notes, both holding the stock at Outperform.
Oppenheimer analysts raised the company’s price target to $350 from $285, telling investors that AI will drive outperformance through 2024.
“We believe Meta Platforms Inc (NASDAQ:) is well positioned to achieve higher pricing and higher engagement through AI investments,” the analysts wrote. “We believe these investments were the primary reason Meta Platforms Inc (NASDAQ:) outperformed the digital ad market in 1Q23 and should sustain the outperformance through 2024.”
Meanwhile, JMP Securities raised its price target on Meta Platforms Inc (NASDAQ: ) to $300 from $270. Analysts said Reels is leading Instagram’s share gains.
“Although we believe Instagram accounts for approximately 1/3 of Meta Platforms Inc (NASDAQ:) ad revenue and Reels still monetizes well below the feed, Instagram’s time spent growth in the US in April and May, respectively, was +17% YoY and +19% YoY, should be incremental for monetization as we expect +9.5% YoY ad growth ex-FX for Q2 of Year 23″ analysts said.
Meta Platforms Inc (NASDAQ:) shares were all but stopped on Monday, currently trading around the $272.66 handle.