Meta Platforms Stock Has 18% Upside, According to 1 Wall Street Analyst
Meta Platforms' (NASDAQ: META) share price bottomed out in 2022, but the stock has soared to new highs as the digital advertising market showed signs of recovery. Analysts at Citigroup see growing user engagement on Instagram Reels leading to higher revenue in the near term, which could further boost the stock price.
The firm raised its price target on Meta from $525 to $590 -- a figure that's nearly 18% above the current $500 share price -- while maintaining a buy rating on the shares. Wall Street price targets are usually estimates for where a stock might trade in the next 12 months, so Citi is pointing to a catalyst that could have positive implications for Meta's growth beyond 2024.
Meta has been investing heavily in artificial intelligence (AI), which powers content recommendations and advertising across its family of apps. More advanced AI models will have a direct impact on the amount of time users spend browsing their feeds as the ads and content they see become more aligned with their interests.
Source Fool.com
Meta Platforms Inc. Aktie
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