BofA raised the firm’s price target on Meta Platforms to $630 from $563 and keeps a Buy rating on the shares after Mark Zuckerberg’s Meta Connect keynote highlighted Metaverse hardware innovation and expanding AI capabilities across Meta’s apps. The firm thinks AI Glasses have much broader market potential than VR Googles and contends that with glasses, long-term investors may have some renewed optimism on Meta’s opportunity to be at the forefront of the next generation of personal computing devices. With growing AI capabilities, the firm sees potential for higher usage and raised its price target based on a higher multiple.
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