Meta Platforms, Inc. (NASDAQ: FB) plans to open the first Meta Store next month at its campus in Burlingame, California. Spanning 1,550 square feet, the company’s first physical retail store will open on May 9 to allow customers to experience its hardware products.
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“Through interactive demos, you can make video calls to retail associates with Portal, learn how Ray-Ban Stories can help you stay present with the world around you, and explore the magic of virtual reality (VR) with a first-of-its-kind immersive Quest 2 demo,” Meta said.
Martin Gilliard, the Head of Meta Store, said, “Having the store here in Burlingame gives us more opportunity to experiment and keep the customer experience core to our development. What we learn here will help define our future retail strategy.”
Wall Street’s Take
Recently, Mizuho Securities analyst James Lee maintained a Buy rating on the stock and lowered the price target to $325 from $425 (73.8% upside potential).
For the second quarter, Lee expects the company’s ad revenue growth to remain flat year-over-year due to increased supply chain issues.
Additionally, Daniel Salmon of BMO Capital reiterated a Hold rating on Meta and reduced the price target to $225 from $290 (20.3% upside potential).
In a research note to investors, Salmon said, “Meta Platforms remains a vital online advertising destination.”
Overall, the stock has a Moderate Buy consensus rating based on 32 Buys, 13 Holds and one Sell. FB’s average price target of $309.08 implies 65.3% upside potential. Shares have lost 44.8% year-to-date.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Kohl’s performance.
According to the tool, FB’s website traffic registered a 9.6% rise in global visits in March, compared to February. Moreover, the website traffic has increased 27.7% year-to-date against the same period last year.
Conclusion
The Meta Store will help people connect with the technology giant’s products and can make way for the metaverse.
“We’re not selling the metaverse in our store, but hopefully people will come in and walk out knowing a little bit more about how our products will help connect them to it,” Gilliard said.
Learn more about the Website Traffic tool in this video by Youtube sensation Tom Nash.
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