Meta Platforms price target raised to $585 from $550 at Jefferies

Jefferies raised the firm’s price target on Meta Platforms (META) to $585 from $550 and keeps a Buy rating on the shares. Based on an updated market share analysis, the analyst believes Meta could capture 50% of incremental industry advertising dollars in 2024, which would be its highest ever and well above its 33% in 2023. In 2024, Meta’s advertising revenue could grow 20%, above the 9% industry average, as scaling generative artificial intelligence ad tools supplement the company’s “already best-in-class” Advantage+ product suite, the analyst tells investors in a research note. Jefferies believe Meta’s market share gains will further accelerate in 2024. It now estimates that in 2024 Meta’s ad business could outgrow Amazon’s (AMZN) for the first time since 2015.