Meta Platforms price target lowered to $550 from $590 at Citi

Citi analyst Ronald Josey lowered the firm’s price target on Meta Platforms to $550 from $590 and keeps a Buy rating on the shares. The key debate coming out of the Q1 earnings report is likely to be around the size and scale of Meta’s multi-year generative artificial intelligence investment cycle, the analyst tells investors in a research note. The firm says that unlike previous cycles, it believe the company’s generative AI investments “come from a position of strength whereby Meta is a leader.” Citi would take advantage of any dislocation in shares, though it dropped the price target given uncertainty around Meta’s investment cycle.