The bank raised its price target on Meta to $360 per share, the highest on Wall Street, from $315.
The new target represents upside of more than 29% from Monday's close. Citi also reiterated the stock as its top pick in its basket of North American internet coverage. Meta has soared more than 131% this year, as the company has ridden the wave of investor excitement over artificial intelligence. On top of that, Meta has moved to reduce costs, with CEO Mark Zuckerberg calling 2023 the "year of efficiency.
5B of revenue in '24, though continued adoption of Click-to-Message, newer Advantage+ verticals, the potential around AI Agents, and a more stable/improving digital ad environment could support greater, higher margin ad growth going forward," Josey said.
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