5 Best Blue Chip Stocks to Buy Now

3. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 256

Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality (VR) headsets, and AI glasses. Its core business includes platforms like Facebook, Instagram, WhatsApp, and Messenger.

On April 9, KeyBanc trimmed its price target on Meta Platforms, Inc. (NASDAQ:META) from $855 to $760, while maintaining an ‘Overweight’ rating on the shares. The lowered target, which still indicates an upside of around 20% from the current levels, reflects a more conservative multiple amid market volatility.

The move comes after Meta Platforms, Inc. (NASDAQ:META) unveiled Muse Spark, its first artificial intelligence model from the costly superintelligence team it assembled last year to catch up with rivals in the ‌AI race. According to the analyst, this model indicates that Meta Superintelligence Labs has made meaningful progress over the last 9 months and provides a look at the tech giant’s vision of consumer AI.

Combined with practical AI applications for Manus integrations and progress with ranking models, Keybanc believes that the market is underestimating the platform’s stickiness both for consumers and advertisers. Additionally, the recent ad checks have increased the firm’s confidence in a medium-term growth algorithm of over 20%.

Meta Platforms, Inc. (NASDAQ:META) was also recently downgraded by Erste Group (see the details here).