Loop Capital analyst Rob Sanderson recently raised the price target on Meta Platforms, Inc. (NASDAQ:META) to $888 from $695 and keeps a Buy rating on the shares. Meta engages in the development of products that enable people to connect and share with friends and family.
The analyst cited the company’s better than expected 2Q outlook and noted that its expectation that a drop in spending intensity from China-based advertisers would flatten revenue growth was a misread.
Per Loop, Meta Platforms (META) remained the best non-hardware example of tangible, right-now beneficiary of AI and the stock would outperform the Mag-7 peer group this year.
This article was originally published at Insider Monkey.
