Meta Platforms price target raised to $420 from $350 at Wedbush

Wedbush raised the firm’s price target on Meta Platforms (META) to $420 from $350 to reflect the latest views heading into 2024, while keeping an Outperform rating on the shares. Within the firm’s coverage rankings, Wedbush is lowering Google (GOOGL) to number 2 within Digital Advertising and raising Meta to number 1. 2024 presents a relatively more challenging year for Google, in the firm’s view, given the recent deceleration of Google Cloud, uncertainty related to its AI initiatives, and the unknown impact that generative AI will have on Search.