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A Friday research note from KeyCorp raised its price target on Meta Platforms (META, Financial) to $700 from $655 and maintained an "overweight" rating. This denotes continued bullish sentiment for the social networking giant, and this adjustment represents a potential 15.54% increase from Meta's recent closing price.
Meta's other analysts also revised their estimates. Sanford C. Bernstein raised its target to $675 from $600 and put out an "outperform" rating, and Roth MKM boosted its projection to $635, which is still singling out a "buy." Similarly, Monness Crespi & Hardt also hiked its target to $660 from $620, noting it remains a 'buy' initiative. Instead, Scotiabank lowered its price target to $583 and rated its rating as 'sector perform'.
Meta Returned 5.8%, which is one of better-than-average returns. The average price target is $646.90, while MarketBeat data shows a consensus rating of "Moderate Buy."
In all of these areas, Meta's growing presence is buoying solid fundamentals. The sentiment is still favourable as 35 analysts recommended a 'buy' or stronger rating versus 6 'hold' or 'sell' ratings.
The revisions come as Meta withstands the market's wider scrutiny of its competitive positioning compared to its sector peers. Meta's new targets are maintaining optimism about attracting new customers and earnings growth in the face of technology macros.
This article first appeared on GuruFocus.