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Investing.com - Citizens JMP reiterated its Market Outperform rating and $900 price target on Meta Platforms Inc. (NASDAQ:META) following the company’s announcement of Vibes, a feed of AI videos within the Meta AI app. The target aligns with the broader analyst consensus, as InvestingPro data shows Meta maintains a strong "Buy" rating with analyst targets ranging from $658 to $1,086.
The research firm described Vibes as a test but noted its potential significance in the evolving social media landscape, where AI-generated content is gaining traction among consumers.
According to data cited by Citizens JMP, two in five consumers are already following AI-generated content, based on information from Whop.
The firm anticipates artificial intelligence will continue to reshape social media networks as content creators increasingly adopt AI tools for their work.
Citizens JMP also expects new AI influencers to become more prominent figures across social media platforms in the future.
In other recent news, Meta Platforms reported that Instagram has reached a milestone of 3 billion monthly active users, as announced by CEO Mark Zuckerberg. This marks a significant increase from the 2 billion users reported in 2022. Additionally, Meta is in early discussions with Google Cloud to potentially utilize Google’s artificial intelligence models, such as Gemini, to enhance its advertising business. The company aims to improve content understanding for ad summarization and recommendations. Furthermore, Meta has expanded access to its Llama AI models to several key US allies, including France, Germany, Italy, Japan, and South Korea, as well as NATO and EU institutions, for defense and national security purposes. In a move that has impacted competitors, Meta introduced new features to its Facebook Dating service, including a dating assistant and Meet Cute, designed to combat "swipe fatigue." These developments have coincided with a decline in the shares of Match Group, the owner of Tinder, following Meta’s announcement of the new dating features.
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