Meta Platforms Inc. (META) PT Raised to $350 at Oppenheimer as AI Will Drive Outperformance

Oppenheimer analyst Jason Helfstein raised the price target on Meta Platforms Inc. (NASDAQ: META) to $350.00 (from $285.00) while maintaining an Outperform rating.

"We are raising our target to $350 (was $285) and reiterating our Outperform rating as we believe META is well positioned to drive higher pricing and engagement from AI investments. We believe such investments have been the major reason for META's outperformance vs. the digital ad market in 1Q23, and should support outperformance though 2024. Additionally, we see AI as a TAM expander into ecommerce marketplaces and SMB customer support, but not currently in estimates. Last, with shares trading at a ~30% discount to NASDAQ on '24 P/E, we see them as highly attractive at current levels, despite being up 125% YTD. Target implies 22x '24E GAAP EPS, an 8% discount to the current NASDAQ P/E."

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