AI will drive Meta Platforms' outperformance through 2024, claims Oppenheimer By Investing.com

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AI will drive Meta Platforms' outperformance through 2024, claims Oppenheimer

Published Jun 06, 2023 02:02

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Analysts at Oppenheimer and JMP Securities raised their price targets on Meta Platforms Inc (NASDAQ:META) in notes Monday, with both keeping the stock at Outperform.

Oppenheimer analysts lifted the firm's price target to $350 from $285, telling investors that AI will drive outperformance through 2024.

"We believe META is well positioned to drive higher pricing and engagement from AI investments," the analysts wrote. "We believe such investments have been the major reason for META's outperformance vs. the digital ad market in 1Q23, and should support outperformance through 2024."

Meanwhile, JMP Securities raised the price target on Meta to $300 from $270. Analysts stated that Reels is driving share gains at Instagram.

"While we believe Instagram represents ~1/3 of Meta ad revenue and that Reels still monetizes well below the feed, Instagram's U.S. April and May time spent growth of +17% Y/Y and +19% Y/Y, respectively, should be incremental to monetization as we project +9.5% Y/Y ex-FX advertising growth for 2Q23," said the analysts.

Meta shares are almost flat Monday, currently trading around the $272.66 mark.

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