Cannes Festival burns wall street confidence in Meta – CITI raises price targets

Meta Platforms, Inc. (NASDAQ:Meta) is one of Currently, there are 10 trending AI stocks on Wall Street. On June 24th, Citi repeated the stock as a “buy” and raised its price target for the stock from $690 to $803 per share. According to the company, well-known internet stocks such as Meta are solid choices for investors despite declining search traffic and an increasing number of human-intelligently driven competitors.

“The meta (top pick, $803 from TP) highlights a greater conversion rate of continuous engagement strength.”

The rating follows a series of meetings and panels related to the online promotional ecosystem at last week’s Cannes Lions Festival.

“While the broader macros continue to be challenged and yes, advertisers continue to be cautious, conversations with Cannes marketers, brands, agents and platforms suggest that budgets have not been cut.

The company highlighted how good news for Meta, who has launched a series of advertising products at the festival. Analysts pointed out the introduction of ads in WhatsApp, among other things, as well as the enhanced testing of business AI agents in ad format.

“A consistent theme across meetings related to Meta was that it was one of the best platforms for targeting a specific audience/user, finding variations to drive conversions, and that the platform is one of the best platforms to do beyond format,” the Citi team said.

Meta Platforms, Inc. (NASDAQ: META) is a global technology company.

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Read next: 10 AI stocks in the spotlight and 10 AI stocks that will attract Wall Street’s attention.

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