Meta Platforms price target raised to $385 from $360 at Citi

Citi raised the firm’s price target on Meta Platforms to $385 from $360 and keeps a Buy rating on the shares post the Q2 results. The firm says that with engagement continuing to ramp, adoption of newer ad formats like Sponsored Reels and Click-to-WhatsApp among advertisers accelerating, and a “robust” pipeline of ads and product innovations, Meta remains its top pick across the internet sector. The analyst was impressed to hear 75% of Meta’s advertisers use Reels ads and Reels is now a $10B annual recurring revenue business, only a year after monetization began. Citi believes Q2’s momentum can continue as the broader online ad environment improves.