JPMorgan raised the firm’s price target on Meta Platforms to $640 from $610 and keeps an Overweight rating on the shares. The firm says the company’s Meta Connect conference highlighted continued progress across its artificial intelligence ambitions, which are driving early returns through core product enhancements around content and ads, new products such as Meta AI, and the Metaverse. JPMorgan continues to believe Meta “has earned the right to spend big” on AI with strong core operating results, early AI benefits in both engagement and monetization, and increasing clarity on the AI product roadmap.
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