Goli Innocent 
The Wedbush analysts on Wednesday raised their price target for Meta Platforms to $420 from $350 per share, maintaining an outperform rating on the stock.
In a note covering the internet sector, the firm said it believes leading consumer internet platforms remain well positioned with rising margins and improving industry growth rates across eCommerce and digital advertising.
Digital advertiser, Meta Platforms is one of their top ideas for next year and moves to the top position within their digital advertising coverage.
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The firm noted that recently launched and upcoming generative AI services from Meta and other companies are positioned for increased adoption and monetization in 2024 as the number of available services and use cases expands.
“We expect Meta to benefit from improving monetization of new products (Reels, click-to-message), with Reels providing a modest tailwind to revenue in 2024 after becoming revenue neutral and as short-form video spending increases,” said Wedbush.
“New generative AI features like Meta AI (chatbot assistant), and AI avatars on Facebook & Instagram have the potential to increase engagement in 2024 and beyond,” they added.
