Meta Platforms price target raised to $888 from $695 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Meta Platforms (META) to $888 from $695 and keeps a Buy rating on the shares. The firm cites the company’s better than expected 2Q outlook and notes that its expectation that a drop in spending intensity from China-based advertisers would flatten revenue growth was a misread, the analyst tells investors in a research note. Meta remains the best non-hardware example of tangible, right-now beneficiary of AI and the stock should outperform the Mag-7 peer group this year, Loop added.