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Platform meta (NASDAQ:META) shares were flat on Friday amid new estimates of parent company Facebook’s plans for its artificial intelligence technology.
Ivan Feinseth, an analyst at Tigress Financial Partners, said in a research report that Metin (TARGET) growth in the number of users and increased investment in artificial intelligence should drive user engagement in the years to come. Part of the reason for this comes from Metina (TARGET) sheer size and presence in the social media market, which Feinseth said will help the company “outpace” its peers in social media and online advertising.
“Meta’s most valuable asset is its huge and ever-growing user base,” Feinseth said. “And it will be able to monetize the ongoing expansion of its family of applications and future product introductions.”
Additionally, Feinseth said Meta (META) should be able to “mix this content with posts from the user’s family and friends, which exceeds the results generated by artificial intelligence alone.”
Feinseth said it also works in Meta’s ( META ) favor that it is “developing a flywheel between discovery and messaging that will make its current applications even more robust.”
Feinseth, who has a strong buy rating on Meta’s ( META ) stock, raised his price target on the company’s stock to $285 from $260.
Shares of Meta ( META ) still have a ways to go to reach Feinseth’s goal, but they’ve had a strong year so far and are up more than 46% since the end of 2022.