Citi analyst Ronald Josey raised the firm’s price target on Meta Platforms (META) to $705 from $645 and keeps a Buy rating on the shares post the Q3 report. With advertising revenue up 20% year-over-year excluding currency and growth across both ad impressions and pricing, Meta continues to gain share of overall ad budgets, the analyst tells investors in a research note. The firm says the engagement gains at both Instagram and Facebook from Meta’s artificial intelligence recommendation engine highlights the return on investment from its AI investments that “remains early days.” Citi recommends taking advantage of any post-earnings selloff in the shares.
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