Bernstein analyst Mark Shmulik lowered the firm’s price target on Meta Platforms (META) to $870 from $900 and keeps an Outperform rating on the shares. The firm notes Meta put up another quarter of revenue growth at a level unthinkable just a few quarters ago – literally powered by AI execution. But with investment levels set to climb further to build the “leading frontier AI lab,” memories of the Metaverse days flooded back, Bernstein says. In today’s market ramping AI investments is cool, but “you’d better have a shiny toy to show.”
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on META:
- Meta Platforms price target lowered to $770 from $810 at Barclays
- Meta Platforms price target lowered to $810 from $900 at BofA
- Meta Platforms price target lowered to $910 from $950 at Jefferies
- Meta Platforms downgraded to Hold at Benchmark on ‘runaway capex’
- Meta Platforms downgraded to Hold from Buy at Benchmark