Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $550.00 price target on Meta Platforms Inc. (NASDAQ: META).

The analyst said: "Facebook remains most commonly used platform at 75% adoption while TikTok adoption is also rising. Search and Snap trends more tempered. FB Messenger, Reels, TikTok and Amazon stand out on forward intent to spend while SNAP also screens well on this measure. Advantage Plus and PMax seeing rising adoption while delivering an average 7% ROAS lift across both products Nearly all advertisers say they have utilized at least some of the Generative AI tools provided within GOOGL and META's suite of Ad Campaign tools Overall CTV adoption stable as GOOGL and AMZN extend lead over peers."

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Shares of Meta Platforms Inc. closed at $495.57 yesterday.