Meta Platforms (NASDAQ:META) started rolling out its generative AI-powered features for advertisers within Meta’s Ads Manager. These innovative AI (Artificial Intelligence) capabilities will empower advertisers to produce numerous backgrounds, generate multiple versions of ad texts, and expand images. In a separate development, Meta’s head of media and sports partnerships, Campbell Brown, is stepping down as the company transitions from promoting news content.
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Meta’s Emphasis on Artificial Intelligence
The launch of AI features comes on the heels of Meta’s Connect conference, which took place last week. At the Connect conference, the social media and technology giant unveiled several new AI features, including AI stickers and image editing with AI, for its family of applications and devices. Also, it unveiled Meta AI, an advanced conversational assistant accessible on WhatsApp, Messenger, and Instagram in the U.S.
Meta, similar to its peers, is focused on leveraging AI to enhance its competitive edge, improve productivity, and drive customer experiences. During the Q2 conference call, Meta CEO Mark Zuckerberg highlighted the substantial investments the company has made in AI infrastructure. He emphasized that these investments yield positive results in user engagement. He added that the company will release new AI-powered tools this year.
Zuckerberg further pointed out that Meta’s advertisers are leveraging at least one of its AI-powered advertising solutions. Moreover, AI is driving its monetization tools.
As Meta continues to invest significantly in AI and harness its capabilities, let’s look at what analysts recommend for its shares.
What is the Prediction for Meta stock?
Wall Street analysts are bullish about Meta stock. The company’s steep cost-cutting measures, focus on driving efficiency, and improving online advertising trends led to a solid recovery in its share price. Notably, Meta stock has gained nearly 154% year-to-date. Meanwhile, analysts see further upside potential, driven by an anticipated acceleration in ad revenue and benefits from its AI initiatives.
Meta stock has received 42 Buy and two Hold recommendations for a Strong Buy consensus rating. These analysts’ average price target of $375.90 implies a further upside potential of 23.01% from current levels.
