Meta Just Boosted Its Stake in Ray-Ban’s Parent—Analysts See AI Potential

Meta Platforms, Inc. (NASDAQ:META) is one of the Trending AI Stocks on Wall StreetOn July 9, BofA Securities analyst Justin Post raised the price target on the stock to $765.00 (from $690.00) while keeping a “Buy” rating.

The rating affirmation followed reports that the AI giant has acquired almost 3% stake in its AI-eyewear partner EssilorLuxottica, which is the parent company of Ray-Ban and Oakley.

The investment reflects a deepening and longer-term partnership to develop smart glasses, as per the analysts. The reports further suggest that Meta may have the option to increase its stake in the eyewear company to 5% in the future.

Meta Just Boosted Its Stake in Ray-Ban’s Parent—Analysts See Big AI Potential

According to the firm, Meta’s latest investment reflects a particular focus on smart glasses in Meta’s hardware and AI wearable strategy, whereas its VR goggles are likely to underperform expectations.

While we acknowledge the risk and potential of META as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than META and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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