Ghazal Ahmed
2 min read
In This Article:
Meta Platforms, Inc. (NASDAQ:META) is one of the 10 Trending AI Stocks on Wall Street Right Now. On June 24, Citi reiterated the stock as “Buy” and raised its price target on the stock to $803 per share from $690. According to the firm, big-name internet stocks such as Meta are a solid pick for investors despite search traffic declines and the rise of artificial-intelligence-powered competitors.
“On META (Top Pick, TP to $803), checks highlight greater conversion rates on continued engagement strength.”
The rating follows a series of meetings and panels related to the online-advertising ecosystem at the Cannes Lions Festival last week.
“While the broader macro continues to be challenged and yes, advertisers remain cautious, our conversations with marketers, brands, agencies, and platforms at Cannes suggests budgets are not being cut. We emerge from Cannes incrementally positive on the broader online advertising environment.”
The firm highlighted how this is good news for Meta, having announced a series of ad products at the festival. The analysts particularly pointed to the introduction of ads on WhatsApp as well as the extended testing of Business AI agents across ad formats, amongst others.
“A consistent theme across our meetings as it relates to META was that it was among the best platform to target specific audiences/users, find the variations to drive conversions, and the platform doing so across formats,” Citi’s team said.
Meta Platforms, Inc. (NASDAQ:META) is a global technology company.
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READ NEXT: 10 AI Stocks in the Spotlight and 10 AI Stocks Getting Wall Street’s Attention.
Disclosure: None.
