Meta Platforms, Inc. (NASDAQ:META) is one of the AI Stocks Gaining Attention on Wall Street. On August 5, Loop Capital analyst Alan Gould raised the price target on the stock to $980.00 (from $888.00) while maintaining a Buy rating.
According to the research firm, Meta’s “meaningful revenue growth acceleration and strong outlook” has been the biggest positive surprise among mega-cap earnings reports so far. The firm considers Meta to be the biggest non-hardware beneficiary of artificial intelligence.
“Most press reports position Meta’s recent hiring spree and capex expansion as an effort to “catch up”, but business results reinforce our view that the company is the largest non-hardware beneficiary. Acceleration in both user engagement and monetization is being driven by AI investment against what appears to be a very long runway.”
An investor studying a chart at a trading desk, monitoring the public fixed income markets.
Several long-term opportunities were also identified for Meta, including business AIs, personal AI assistants, wearables, and open-source models. These, the firm believes, are each “very meaningful” for the company’s future.
READ NEXT: 10 AI Stocks Gaining Attention on Wall Street and 10 Trending AI Stocks on Wall Street.
