Meta Platforms price target raised to $270 from $260 at Barclays

Barclays analyst Ross Sandler raised the firm’s price target on Meta Platforms (META) to $270 from $260 and keeps an Overweight rating on the shares. Meta remains the analyst’s preferred name among mega cap technology. The shares have re-rated significantly in the past few months, and while the alpha versus Alphabet (GOOG, GOOGL) and Amazon.com (AMZN) may have been realized on recent cost cuts, the bull case around how generative artificial intelligence could unlock value has not, the analyst tells investors in a research note. The firm says Meta could be the best name in consumer internet to benefit from the coming wave of generative AI applications.