Earlier this week, Oppenheimer analysts raised revenue estimates for Meta Platforms (NASDAQ: META) for the first quarter and the rest of 2024. The firm also slightly raised its 2025 revenue growth forecast from 12% to 13%.

The analysts see the additional growth coming from Meta's investments in artificial intelligence (AI), which is fueling more content recommendations and advertising products. Oppenheimer maintained an outperform (buy) rating on the shares with a $585 price target, representing a 12-month upside of about 14% over the current share price.

As with every other Magnificent Seven member, Meta Platforms is leaning more on AI across its business. Almost a third of recommended text, photo, and other posts in the Facebook Feed are driven by an AI-driven recommendation system. Advertisers can also take advantage of Meta's Advantage+ product which uses AI to automate ad campaigns.

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Source Fool.com