Meta Platforms price target raised to $550 from $525 at Truist

Truist analyst Youssef Squali raised the firm’s price target on Meta Platforms to $550 from $525 and keeps a Buy rating on the shares. The firm is boosting its FY24 revenue outlook for the company to $158.7B from $156.9B to reflect improving monetization after two years of compression, higher impression volume and a strengthened “must-buy status” within the digital ad ecosystem amid ongoing cookie deprecation and a volatile macro environment, the analyst tells investors in a research note. Meta’s significant AI investments are also yielding better ranking and recommendation results for users and advertisers, the firm added.