2024 - Meta: clearly rising, a broker raises its target

(CercleFinance.com) – Meta Platforms gains nearly 3% in New York as Jefferies reaffirms its ‘buy’ recommendation on the stock with a price target raised from 550 to 585 dollars, seeing the social media giant ‘rise above its advertising peers with a mega gap’.

Based on its updated market share analysis, the broker believes Meta could capture 50% of the industry’s ad dollar gains this year, which would be its highest level on record and well above its 33% 2023.

In 2024, Jefferies estimates that advertising revenue could increase by 20% or more (compared to 9% industry average), as the scaling of generative AI advertising tools complements Meta’s Advantage+ suite of products, ‘already the best in its category’.

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