Shares of Meta Platforms (NASDAQ: META) popped on Wednesday, gaining as much as 3.1%. As of 11:34 a.m. ET, the stock was still up 2.4%.

The catalyst that sent the social media and artificial intelligence (AI) specialist higher was a vote of confidence from a Wall Street analyst.

Raymond James analyst Josh Beck maintained his strong buy rating on the stock while increasing his price target to $550, up from its previous level of $525. That suggests potential upside of roughly 15% compared to the stock's closing price on Tuesday.

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Source Fool.com