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metaplatforms (NASDAQ: GOALShares of ) were flat on Friday amid further evaluation of Facebook’s parent company’s plans for its artificial intelligence technology plans.
Tigress Financial Partners analyst Ivan Feinseth said in a research report that Meta’s (GOAL) user growth and increased investment in AI should drive user engagement in the coming years. Part of the reason for that comes from Meta’s (GOAL) for its size and presence in the social media market, which Feinseth says will help the company “outperform” its peers in social media and online advertising.
“Meta’s most valuable asset is its massive and ever-growing user base,” Feinseth said. “And you’ll be able to monetize the ongoing expansion of your family of apps and future product introductions.”
In addition, Feinseth said that Meta (META) should be able to “mix this content with posts from family and friends of users, which beats results generated by AI alone.”
Feinseth said he’s also in favor of Meta (META) because it’s “developing a flywheel between discovery and messaging that will make your current applications even more robust.”
Feinseth, who has a strong Buy rating on Meta (META) shares, raised his price target on the company’s shares to $285 a share from $260.
Meta (META) stocks still have a ways to go to hit Feinseth’s target, but they’ve had a strong year so far and are up more than 46% since the end of 2022.