Citi raised the firm’s price target on Meta Platforms to $590 from $525 and keeps a Buy rating on the shares. The firm’s Instagram Reels advertising load tracker in Q1 expanded by 90 basis points quarter-over-quarter to 20% as engagement continues to improve. With Meta’s newer ad innovations, a new artificial intelligence video architecture, and greater overall advertiser adoption, advertiser demand for Reels continues to improve, the analyst tells investors in a research note. Meta remains Citi’s top pick and it increased estimates ahead of the Q1 report.
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