Oppenheimer analyst Jason Helfstein raised the firm’s price target on Meta Platforms to $285 from $260 and keeps an Outperform rating on the shares as AI/ML investments drive ad revenue +7% year-over-year ex. FX versus +2% in Q4. E-commerce advertising rebounded, partially on return of China sellers. Management believes Reels are gaining share versus TikTok and on track to close the monetization gap by late 2023/early 2024, the firm notes.
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