Shares of Facebook’s parent continue their winning streak
The company’s shares continued their winning streak on Thursday, surging 12% after Meta’s focus on AI and cost-cutting cheered investors whose enthusiasm has already helped the social media behemoth nearly double in value this year.
Shmulik was among the 27 analysts who raised their price targets on Meta, pushing the median view to $270, which represents an upside of nearly 30% to a stock that has already risen over 70% this year to lead gains among Big Tech companies. The results also underscored the rising importance of AI, with CEO Mark Zuckerberg saying the tech was helping to boost traffic to Facebook and Instagram and earn more in ad sales.
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