Posted 4/4/2024, 2:23:39 PM
Wells Fargo: Meta's Ad Strength and AI Investments Make It a Buy With Upside
- Wells Fargo analyst maintains buy rating on Meta Platforms stock with $600 price target, 15% upside potential
- Meta delivered strong ad revenue growth of 25% year-over-year in Q4 2021
- Investing in AI to improve ad targeting and products; rolled out generative AI ad tools in Q4
- Meta has $43 billion in free cash flow in 2021 to fund investments for growth
- Trades at reasonable valuation despite stock's climb over the past year; forward P/E of 25
