Meta Platforms price target raised to $655 from $575 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Meta Platforms (META) to $655 from $575 and keeps a Buy rating on the shares. The company delivered a “solid” beat-and-raise Q3 as its AI leadership driven by a massive infrastructure moat and superior data scale is becoming more apparent, the analyst tells investors in a research note. Meta’s continued improvement in near-term results, driven by AI and longer-term opportunities from a multitude of gen-AI efforts, could sustain the upward motion of the stock’s valuation beyond the 30-times earnings multiples seen among other mega-cap tech leaders, Loop added.