Loop Capital raised the firm’s price target on Meta Platforms (META) to $980 from $888 and keeps a Buy rating on the shares. The meaningful revenue growth acceleration and strong outlook from Meta was the biggest positive surprise from mega-cap earnings, the analyst tells investors in a research note. Meta’s recent hiring spree and capex expansion are viewed as an effort to “catch up”, but its business results reinforce Loop’s view that the company is the largest non-hardware beneficiary, with acceleration in both user engagement and monetization being driven by AI investment against what appears to be a very long runway, the firm added.
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