BofA analyst Justin Post raised the firm’s price target on Meta Platforms (META) to $765 from $690 and keeps a Buy rating on the shares. Meta has made an investment of $3.5B to acquire 3% stake in Ray-Ban and Oakley parent EssilorLuxottica (ESLOY), signaling a deeper and longer-term partnership to develop smart glasses, the analyst tells investors in a research note. The latest investment reflects a growing strategic focus on smart glasses in Meta’s hardware and AI wearable strategy, with full emersion VR googles likely underperforming expectations, BofA says.
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