After unveiling its latest artificial intelligence (AI) model, Muse Wonder, Meta Platforms’ (NASDAQ: META) stock benefited both from investor enthusiasm and from a list of new and universally bullish Wall Street price target revisions.
Indeed, three prominent analysts updated their outlook for META shares on Monday, October 12. Bank of America’s (NYSE: BAC) Justin Post issued a positive recommendation and set his stock price forecast at $810 – 9.02% above the latest closing price of $742.96.
Wells Fargo (NYSE: WFC) analyst Ken Gawrelski proved even more optimistic by estimating Meta stock is set for a 34.60% rise to $1,000 in the next 12 months. Meanwhile, Deepak Mathivanan of Cantor Fitzgerald came in as an outlier since he, despite retaining the ‘Buy’ rating, downgraded the price target from $860 to $840.
This optimistic trend continued as the week rolled over to Tuesday, October 13. Justin Patterson from KeyBanc confirmed the previous ‘Buy’ recommendation, and Evercore ISI’s Mark Mahaney, citing the new Muse model, issued the same rating and an $860 price target.
Meta stock price rallies 3.38% on Muse Wonder release
Elsewhere, investor reaction to the AI release was also positive, and Meta stock climbed 3.38% from $718.67 in the morning to $742.96 at the closing bell on Monday, extending the overall rise that took the equity nearly 37% higher from the mid-August lows.
Following these moves, the technology and social media giant was left 14.23% in the green year-to-date (YTD), though the Tuesday pre-market is diminishing the gains with the shares dropping 0.80% to $737 at press time.
Wall Street sets Meta stock price target for the next 12 months
Lastly, despite being issued due to the major AI release, the latest Meta stock price target and rating notes were only slightly more optimistic than the previous Wall Street average.
Overall, the blue-chip technology giant is regarded as a ‘Strong Buy’ by institutional experts, and boasts thirty-nine positive, six ‘Hold’, and no ‘Sell’ recommendations, per the data Finbold retrieved from TipRanks on October 13.
The average price target for the next 12 months is likewise optimistic and forecasts that META stock will rally 8.45% to $805.76 within the timeframe.
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