Piper Sandler hikes Meta price target, says investors can have confidence in Reels, AI strategy
Investors can have greater confidence in Meta Platform' s outlook, Piper Sandler says. Analyst Thomas Champion hiked his price target Wednesday on Facebook's parent company, saying the social media firm has been strengthening Reels and building out its artificial intelligence strategy. He also noted overweight-rated Meta continues to be his top pick in digital advertising. "We are now more confident in META's re-acceleration and raise 2H23 revenue & out-year estimates.
mountain Meta shares YTD Meta shares have already doubled this year, higher by 125% as the likelihood of a pause in interest rate hikes buoy the outlook for mega-cap tech stocks. The analyst's $310 price target, raised from $270, implies 14% upside from Tuesday's closing price of $271.32. Part of what's driving the analyst's bullish thesis is recently growing user time in Meta's social media platforms, including rising impressions in Instagram Reels in the second quarter.
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