Shares of tech heavyweight Meta Platforms (NASDAQ:META) jumped at the time of writing following the company’s impressive Q2 results and upbeat guidance. Barclays analyst Ross Sandler, who rates META as ‘overweight,’ lavished praise on CEO Mark Zuckerberg, noting that everything seems to be falling into place. Sandler pointed to Meta’s robust execution, rising engagement, booming digital ad market, and innovative new offerings like Threads and GenAI features, adding that we’re only halfway through an exceptional rally. The analyst also increased his price target to $410 from the previous $320.
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Furthermore, Citi analyst Ronald Josey upheld his ‘buy’ rating on Meta after witnessing the results. He pointed out the successful adoption of new ad formats, such as Sponsored Reels, and the rapid acceleration of Click-to-WhatsApp amongst advertisers. Josey expressed his admiration for the fact that around 75% of Meta’s advertisers now utilize Reels ads, which has grown into a $10 billion venture just a year after the company began to monetize it.
Overall, analysts have a Strong Buy consensus rating on META stock based on 32 Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $345.52 per share implies 8.38% upside potential.
