Meta Platforms price target raised to $808 from $650 at Piper Sandler

Piper Sandler raised the firm’s price target on Meta Platforms (META) to $808 from $650 and keeps an Overweight rating on the shares. Meta’s investments in AI are transforming its advertising technology, driving higher ad performance, conversion rates, and return on ad spend, while new tools like GEM, Andromeda, and Lattice can drive revenue growth in the mid-teens for multiple years, the analyst tells investors in a research note. The firm, which says Meta is a new Top Large Cap Pick, adds that higher ad pricing is being driven by better conversion, and not lower engagement.