Meta Platforms price target raised to $880 from $808 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Meta Platforms (META) to $880 from $808 and keeps an Overweight rating on the shares. The firm notes the company reported a very strong print and Q3 guidance, as AI investments continue to improve ad efficacy on the platform. Q2 revenue and EBITDA were 7% and 12% ahead of expectations. CEO Zuckerberg remains focused on the AI roadmap, now having upleveled the team with key hires, adds Piper, highlighting that AI investments are having material improvements on the core business.