Meta Platforms initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Meta Platforms with an Outperform rating and $620 price target as part of a broader sector note launching coverage of Global Internet names. The stock is a must-have ad platform for most digital advertisers given its scale and should benefit from ongoing AI-led product developments that continue to drive user engagement and reach positive ROIs for advertisers, resulting in rising monetization and sustainable healthy topline growth at scale, the analyst tells investors in a research note.