Meta's share price rose on Wednesday, as Wedbush raised its target price on the stock, which it considers to be one of its best Internet investment ideas for 2024.
Shortly before 10:00 a.m. (New York time), the stock gained 0.8%, while the S&P 500 index advanced 0.1% at the same time.
In a wide-ranging study devoted to Internet stocks, Wedbush Securities explains that platforms exposed to consumer consumption should remain well positioned next year.
Its best ideas in this field are Amazon (e-commerce), Meta (digital advertising), Booking (online travel reservations) and Uber (mobility services).
For Wedbush, Meta should benefit - like Amazon and Google - from the emergence of new services in generative artificial intelligence likely to be monetized and extended.
Against this backdrop, the broker has raised its price target on the stock from $350 to $420, while renewing its 'outperform' rating on the social media giant.
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Meta Platforms, Inc. specializes in online social networking services. Net sales break down by activity as follows:
- operation of social networking, messaging, photo and video sharing platforms (98.6%): operation of the Facebook, Instagram, Messenger, Threads and WhatsApp platforms (3.98 billion monthly active users in 2023) ;
- sale of virtual and augmented reality products, software and devices (1.4%): virtual reality headsets (Meta Quest), connected screens (Facebook Portal), wearable devices, etc.
Net sales break down by source of income into advertising spaces (97.5%) and other (2.2%).
Net sales are distributed geographically as follows: the United States and Canada (39.2%), Asia-Pacific (26.8%), Europe (23.1%) and other (10.9%).