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HomeBusinessRosenblatt Raises Meta Price Target to $811, Stock Gains Nearly 2 percent

Rosenblatt Raises Meta Price Target to $811, Stock Gains Nearly 2 percent

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Meta Platforms Inc. (NASDAQ:META) shares rose nearly 2% pre-market today after Rosenblatt analysts raised their price target for the company to $811, up from $643, while maintaining a Buy rating.
The analysts highlighted Meta’s recent Connect 24 event, emphasizing the company’s commitment to leading in the virtual reality (VR), augmented reality (AR), and Metaverse spaces, despite its willingness to incur significant losses. Meta’s effective pricing and performance strategies have positioned it as a leader in consumer adoption of these technologies. The event also underscored the company’s continued advancements in artificial intelligence (AI), which the analysts believe is currently a more critical driver of growth.
The analysts see Meta’s growing AI capabilities as part of a positive shift in its core advertising business, which he feels is not yet fully reflected in the stock, despite Meta’s 60% rise year-to-date and 90% increase over the last twelve months, outpacing the S&P 500. The analysts made slight adjustments to earnings estimates but argued that Meta’s growth trajectory justifies a higher valuation.

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