During an all-hands meeting held on Thursday, social media giant Meta Platforms’ (NASDAQ:META) chief product officer Chris Cox demonstrated to the employees a stand-alone app that it intends to launch through Instagram to compete with Twitter. Cox called the app Meta’s response to Twitter. The news of an upcoming app was earlier reported by The Verge.
Meta Set to Compete with Twitter
The coding for the app, internally code-named Project 92, began in January. Meta aims to launch its rival Twitter app as soon as possible. The company is reportedly in talks with popular personalities like Oprah and Dalai Lama to be the early users of the app.
Cox said that creators and public figures are looking for a platform that is “sanely run” and could be trusted and relied upon for distribution, indirectly hinting at the growing angst at Elon Musk’s handling of Twitter. He added that the app is focused on “safety, ease of use, reliability”. It also aims to ensure that creators have a “stable place to build and grow their audiences.”
Meta CEO’s Take on Apple’s Headset
Meanwhile, Meta CEO Mark Zuckerberg shared his views on Apple’s (NASDAQ:AAPL) recently launched $3,500 Vision Pro Headset with the company’s employees during Thursday’s meeting. Taking a jibe at the rival’s new product, Zuckerberg said that the good news is that Apple didn’t present any “magical solutions,” which Meta hasn’t already explored.
Further, he highlighted that the technology and higher-resolution display used in Apple’s headset make it seven times more expensive than Meta’s upcoming Quest 3 headset.
Zuckerberg also spoke about the company’s efforts in the field of generative artificial intelligence (AI). Meta’s AI initiatives include a photo-generation feature on Instagram that will allow users to modify their photos using text prompts.
What is the Price Target for Meta?
Of the 34 top Wall Street analysts covering Meta, 31 have a Buy rating, while three have a Hold recommendation. It is worth noting that top analysts have a solid track record of generating attractive returns.
Overall, META stock earns a Strong Buy consensus rating. The average price target of $287.48 implies nearly 9% upside.
This week, three analysts reiterated a Buy rating on Meta, while one analyst maintained a Hold rating.
