Meta Platforms Stock Soars as Citi Analysts Declare It a Top Pick at Cannes Lions Festival
Citi analysts have raised their price target for Meta Platforms (META) stock to $803, citing the company's strong performance at the Cannes Lions International Festival of Creativity. The bank called Meta a "top pick" after the social media giant showcased its prowess in digital advertising, particularly its ability to target specific audiences.
At the festival, Citi met with stakeholders across the ad sector and found that Meta's platform was among the best in terms of targeting. Additionally, Meta unveiled an AI tool that allows users to generate video ads using still images, which Jefferies analysts also highlighted as a key development.
Shares of Meta rose close to 2% to $711 in recent trading, giving Citi's target a roughly 13% premium. The stock has gained about 22% year-to-date, making it the best-performing member of the "Magnificent Seven" stocks in 2025 so far.
Citi also noted Meta's AI-powered Ray-Ban glasses as a significant opportunity for the company, stating that "we are increasingly of the view that glasses are a core AI device." Last week, Meta unveiled its latest AI glasses collaboration with Oakley.
Overall, Citi's upgrade reflects the company's continued strength in digital advertising and its innovative approach to developing new tools and technologies. Investors should keep a close eye on Meta's progress in these areas as it continues to navigate the ever-changing landscape of the tech industry.
Key Takeaways:
- Citi analysts have raised their price target for Meta Platforms (META) stock to $803.
- The upgrade is based on the company's strong performance at the Cannes Lions International Festival of Creativity.
- Meta's ability to target specific audiences and its new AI advertising tool were highlighted as key developments.
- Shares of Meta have gained about 22% year-to-date, making it the best-performing member of the "Magnificent Seven" stocks in 2025.
- Citi also noted Meta's AI-powered Ray-Ban glasses as a significant opportunity for the company.
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