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Investing.com - Canaccord Genuity has reiterated its Buy rating and $900 price target on Meta Platforms Inc. (NASDAQ:META), now valued at nearly $2 trillion, following the company’s annual developer conference last week. The target aligns with broader market sentiment, as InvestingPro data shows 32 analysts have recently revised their earnings estimates upward, with the stock trading near its 52-week high of $796.25.
At Meta Connect, the company unveiled three new smart glasses models, including its first version with display functionality, and announced SDK integrations to support developers. Meta also revealed a new TV Hub within Horizon featuring access to major streaming apps. The company’s robust financial health, rated "GREAT" by InvestingPro, supports its continued investment in innovation, with impressive revenue growth of 19% year-over-year.
The smart glasses introduction garnered particular attention at the event, with Meta making improvements in design, AI functionality, and battery life to enhance wearability and usefulness of the devices.
Canaccord noted that Meta is establishing the foundation for an expanding AI-powered ecosystem of hardware and applications that align with the company’s vision of personal superintelligence.
The investment firm observed that while consumer adoption of smart glasses remains limited despite decade-long industry efforts, Meta’s continued investment focus suggests the company views wearables as a critical stepping stone toward its long-term AI ambitions.
In other recent news, Meta Platforms Inc. has been the focus of several analyst reports and product announcements. Barclays has maintained its Overweight rating on Meta, highlighting potential revenue growth from its WhatsApp and Threads platforms. The investment firm projects that these platforms could generate up to $6 billion and $19 billion in incremental ad revenue by 2026 and 2027, respectively. Additionally, Stifel reiterated its Buy rating on Meta, following the company’s unveiling of a new lineup of AI glasses at its Annual Connect conference. The conference featured products like the Meta Ray-Ban Display, which includes an interactive neural interface.
Truist Securities also reiterated its Buy rating on Meta, with a price target of $880, expressing a positive outlook on the company’s long-term growth, particularly regarding its AI smart glasses and metaverse initiatives. In related developments, Unity Software has been in the spotlight after Meta announced plans to replace Unity’s runtime engine with its own Meta Horizon tool for AR/VR applications. Despite this, Morgan Stanley maintained its Overweight rating on Unity, noting that the change will not impact Unity’s revenue or profit. These developments provide a glimpse into the strategic directions and analyst sentiments surrounding these tech companies.
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