Meta Platforms price target raised to $811 from $643 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the firm’s price target on Meta Platforms to $811 from $643 and keeps a Buy rating on the shares. The Connect 24 conference highlighted how Meta is “uniquely delivering category products that could be described as leading in consumer adoption,” the analyst tells investors in a research note. The firm says the event also highlighted how Meta is continuing to advance its artificial intelligence capabilities. Rosenblatt believes Meta’s AI capabilities are part of a positive inflection in the company’s core advertising business that is still not fully captured in the shares. Meta’s growth merits a higher multiple, says the firm, which raised its Street-high price target to $811, assuming Meta can trade in a year at an Apple-like multiple of 30-times forward earnings.