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 positiv...