Meta Platforms price target raised to $260 from $228 at Citi

Citi analyst Ronald Josey raised the firm’s price target on Meta Platforms to $260 from $228 and keeps a Buy rating on the shares. The analyst’s updated tracking of Reels monetization suggests ad loads continue to rise with Reels quarter-to-date ad load reaching 16.2% versus 14.4% in Q4. Reels engagement continues to rise as entertainment and discovery become a larger part of the overall experience at Facebook and Instagram, led by Meta’s artificial intelligence content discovery engine, the analyst tells investors in a research note. While monetization continues to ramp, Citi projects Reels revenue can reach $6.4B-plus in 2023. It raised Meta’s price target citing improving engagement, newer ad products and "now an increasingly lean organization."