Wedbush analyst Scott Devitt maintains $Meta Platforms (META.US)$ with a buy rating, and maintains the target price at $600.
According to TipRanks data, the analyst has a success rate of 53.1% and a total average return of 13.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Meta Platforms (META.US)$'s main analysts recently are as follows:
Meta Platforms' recent Meta Connect keynote, which showcased advancements in Metaverse hardware and the expansion of AI capabilities within its applications, has sparked optimism. The potential market for AI Glasses is believed to be significantly larger than that for VR Goggles. Long-term investors may find new grounds for optimism regarding Meta's prospects to lead in the forthcoming era of personal computing devices. Enhanced AI capabilities could lead to increased app usage.
The company's Meta Connect conference showcased ongoing advancements in its artificial intelligence pursuits, which are yielding initial gains via improvements in core products related to content and advertisements, as well as the development of new offerings like Meta AI and the Metaverse. It's believed that the company's robust operating results in its core business, early benefits from AI in terms of user engagement and revenue generation, and a more defined AI product trajectory justify its substantial investment in AI technology.
The firm's sentiment towards Meta Platforms is positive, highlighting that advertising checks for the company in Q3 were generally favorable, with September showing improvement over August. This has led to a confidence in the near-term estimates, and a revised long-term growth projection that takes into account consistent macroeconomic trends and additional benefits expected from messaging, hardware, and advancements in AI-driven platform features.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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