Meta Platforms (NASDAQ:META) unveiled Broadcast Channels, “a public, one-to-many messaging tool,” for Facebook and Messenger. Broadcast Channels will enable creators to engage with their followers at scale.
This initiative aligns with the company’s ongoing efforts to enhance user engagement across its family of apps as it faces heightened competition from fellow social media platforms, particularly TikTok and Telegram. The Broadcast Channel feature was previously launched on WhatsApp and Instagram.
Meta’s New Features
Meta CEO Mark Zuckerberg said the company could launch the Broadcast Channel in the coming weeks. This announcement comes on the heels of Meta’s recent introduction of various new AI (Artificial Intelligence) features, including AI stickers and AI-powered image editing, aimed at enriching user experiences and engagement across its suite of applications and devices. In addition, Meta also unveiled Meta AI, an advanced conversational assistant available for use on WhatsApp, Messenger, and Instagram in the U.S.
Meta is hitting all the right chords with the launch of these new tools and features, reflected through strong engagement trends across its apps. During the Q2 conference call, Zuckerberg highlighted that over 3.8 billion people use at least one of Meta’s apps every month.
While Meta is successfully driving user engagement, it is leveraging the generative AI-powered features for advertisers to improve monetization. As Meta continues to roll out new features for its users and advertisers, let’s look at what analysts recommend for its shares.
Is Meta Stock Expected to Rise?
Meta’s significant cost cuts, improving user engagement, and an expected reacceleration in advertising revenue have driven its share price higher. Meta Platforms stock has gained over 163% year-to-date. Despite this significant appreciation in price, Meta’s innovations across AI, mixed reality headset, and smart glasses could lead to a further increase in its stock.
This is well-reflected in Wall Street analysts’ bullish outlook for the company. Meta stock has received 41 Buys and two Holds for a Strong Buy consensus rating. The analysts’ average price target of $376.42 implies a further upside potential of 18.76% from current levels.
