Goldman Sachs analyst Eric Sheridan sets a price target of $636 for META, indicating a potential upside of 7.47%.
Despite warnings of increased AI-related costs, analysts remain optimistic about Meta’s AI investments and their potential to drive future growth.
Meta’s third-quarter earnings surpass expectations, with the company raising its spending projections to further invest in AI technology.
Meta Platforms Inc. (NASDAQ:META) is a leading technology company known for its social media platforms, including Facebook, Instagram, and WhatsApp. The company is also heavily investing in artificial intelligence (AI) to enhance its advertising capabilities and user experience. As of October 30, 2024, Eric Sheridan from Goldman Sachs set a price target of $636 for META, suggesting a potential upside of 7.47% from its current price of $591.80.
Meta recently issued a warning about a “significant acceleration” in costs related to AI, following a strong third-quarter performance. Despite this, Jefferies Analyst Brent Thill remains optimistic about the company’s AI investments, expecting them to yield positive results. Thill also noted Meta’s projection of stronger-than-expected sales for the upcoming holiday quarter, as highlighted by Bloomberg.
The company’s third-quarter earnings exceeded analysts’ expectations, driven by increased demand for AI. Meta has raised its spending projections for the year to continue investing in this technology. This move aligns with the positive earnings reports from other digital advertising giants like Alphabet and Snap, as reported by the New York Post.
Currently, META’s stock price is $591.80, reflecting a slight decrease of $1.48 or -0.25%. The stock has traded between $589.38 and $601.20 today, with a 52-week high of $602.95 and a low of $301.85. Meta’s market capitalization is approximately $1.5 trillion, with a trading volume of 23,990,872 shares today.
