- Meta Platforms (META) stock received another price-target hike from analysts at Monness Crespi Hardt following the company’s Connect conference showcasing its AI and metaverse innovations
- Analyst Brian White raised his price target on Meta stock to $620 from $570, citing the company’s potential to benefit from digital advertising trends, expand its platform reach, innovate with AI, and leverage a leaner cost structure
- The most intriguing part of Meta’s Connect event was the preview of its Orion augmented-reality glasses, featuring holographic displays that project the virtual world within the user’s surroundings
Meta Platforms stock received another price-target hike early Monday, as analysts reviewed the company’s latest artificial intelligence and metaverse innovations showcased at last week’s Connect developer conference.
Analyst Commentary on Meta’s AI and Metaverse Advances
Monness Crespi Hardt analyst Brian White raised his target price for Meta stock to $620 from $570 and reiterated a buy rating in a note to clients. White was impressed by Meta’s “panoply of AI and metaverse innovations” that he believes will strengthen the platform and expand its reach.
In particular, White highlighted Meta’s preview of its Orion augmented reality glasses, calling them a “leap forward” in AR technology. The glasses feature holographic displays that overlay virtual elements onto the user’s surroundings.
Other analysts also boosted their Meta stock targets following the event, with the average target now around $581, according to FactSet. Firms like JPMorgan, BofA Securities and Rosenblatt cited Meta’s progress in areas like AI, VR and the metaverse as reasons for their increasingly bullish outlook.
Meta Stock Technical Analysis
On the stock market today, Meta gained more than 1% to $573.53 in midday trades. Meta stock is hovering near the top end of a 5% buy range from a $542.81 consolidation-pattern buy point identified by MarketSurge.
Meta stock has rallied more than 60% this year, trailing only Nvidia for the best performance among the Magnificent Seven stocks.
Conclusion
With analysts growing more optimistic on Meta’s long-term potential in futuristic areas like AI and the metaverse, the stock appears poised to continue its strong 2022 rebound. Meta still faces risks like regulatory scrutiny, however. Investors should watch to see if Meta stock can break out of its current base.
