Credit Suisse analyst Stephen Ju raised the firm’s price target on Meta Platforms to $277 from $251 and keeps an Outperform rating on the shares following quarterly results. Whereas the focus in the second half of 2022 and 2023 year-to-date was on cost reductions, the attention now shifts to top-line acceleration, the firm says. And while the current macro remains challenging, management noted Reels monetization increased 30% on Instagram versus Q4 2022 as engagement continues to rise. In addition, AI is currently recommending 20% of content on Instagram/Facebook, which offers monetization/time spent growth ahead as new generative AI tools rollout in the coming months, Credit Suisse adds.
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