Analysts revise META stock target after strong earnings

Core Viewpoint - Meta Platforms reported strong Q2 2024 results, exceeding analysts' expectations, which has positively impacted its stock price and market outlook [1][3]. Financial Performance - Q2 2024 earnings per share (EPS) were $5.16, surpassing expectations of $5.72, with revenue reaching $39.1 billion, above the anticipated $38.3 billion [3]. - 98% of the revenue was generated from advertising on Facebook and Instagram [3]. - The company recorded 3.27 billion daily active users, representing over 40% of the global population [3]. Stock Performance - Meta's stock closed at $474 on July 31, with an 8% gain following the earnings report, and is currently targeting the $500 mark [1]. - The stock has gained over 37% year-to-date, reflecting strong market momentum [1]. Analyst Revisions - Oppenheimer raised its price target for Meta from $525 to $615, maintaining an 'outperform' rating, citing strong revenue and AI spending as key factors [4]. - Goldman Sachs increased its price target from $522 to $555, emphasizing Meta's audience reach and adaptability to user behavior changes [4]. - Piper Sandler, Rosenblatt, and Jefferies also raised their price targets, with projections ranging from $575 to $643 [5]. Market Predictions - 28 Wall Street analysts forecast Meta's stock to trade above $500, with an average price target of $549 over the next 12 months [6]. - The highest projection is $630, while the lowest target is $360 [6].