KeyBanc analyst Justin Patterson raised the firm’s price target on Meta Platforms (META) to $905 from $800 and keeps an Overweight rating on the shares. The firm notes Meta’s Q2 results reinforced that AI is driving positive impacts on engagement and advertising, which enables Meta to invest more in AI capacity. The firm says the difference today vs. 2022’s over-spending concerns is core revenue growth is healthy; the relationship between capex and AI are clear; medium-term growth drivers are clear; and tax policy is supportive of capex investment.
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