JMP Securities analyst Andrew Boone raised the price target on Meta Platforms Inc. (NASDAQ: META) to $635.00 (from $550.00) while maintaining a Market Outperform rating.

The analyst comments: "Following Meta Connect, Meta's annual developer conference, where the company showcased a prototype of its holographic, AI-enabled Orion glasses, we believe Meta is at the forefront of a new compute platform. Orion incorporates a holographic display in its lenses, creating an always-up display, while AI unlocks the benefits of an always-on AI assistant as Orion will hear and see what users hear and see. As a developer platform, we believe it is capable of creating new consumer experiences and becoming consumers' primary compute platform over time. To be clear, it is still early as competition is intense (hardware first movers typically do not win markets) and privacy and technical hurdles remain, but with the confluence of Meta's hardware improvements over the last five years and progress with AI, Orion represents Meta's evolution from a social media company to a Metaverse company as its 2021 name change signified. Given our increased confidence in Meta's hardware and XR product roadmap, we reiterate our Market Outperform rating and increase our price target to $635 from $550."