Meta Platforms hits record high as analysts raise target

  • Investing.com
  • Stock Market News
Meta Platforms hits record high as analysts raise target
Credit: © Reuters.

Meta Platforms (NASDAQ: META ) shares made a new intraday all-time high Thursday, hitting $523.80 per share as analysts continue raising their targets for the stock.

On Thursday, it was the turn of Jefferies, which lifted its Meta target to $585 from $550 per share, maintaining the Meta rating at Buy.

In a research note, the firm said that based on its updated market share analysis, it believes Meta Platforms' market share gains will further accelerate.

Analysts now believe it could capture 50% of incremental industry ad dollars in 2024, which would be its highest ever and well above its 33% in 2023.

"After losing significant market share in 2022 following the iOS14.5 privacy changes, META has now outgrown its Walled Garden competitors for 5 straight quarters," wrote the firm.

"Analysts would note that the recent pace of share gains has increased in 2H23 with Meta's ad rev growth accelerating into the mid-20s vs. most of its peers in the low- to mid-teens," the firm added.

Jefferies went further, stating that analysts now estimate that in 2024 Meta's ad business could outgrow Amazon's for the first time since 2015.

"Given analysts' expectation of Meta gaining greater share of incremental ad budgets, we model 22% rev growth in FY24, which is 4% ahead of street," stated Jefferies. "Analysts believe Meta is still attractively valued."

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100