Piper Sandler and Wolfe Research hiked their price targets on Meta Platforms (META)
Following Apple's (AAPL) Vision Pro headset reveal, artificial intelligence (AI) frontrunner and Facebook parent Meta Platforms Inc (NASDAQ:META) saw its price target lifted to $310 from $270 at Piper Sandler, while Wolfe Research hiked its price target to $330 from $300. The company is looking to implement more generative AI into its products, with CEO Mark Zuckerberg announcing a wide variety of products in development at an all-hands meeting with employees last week.
The 12-month consensus target price of $276.43 is a slim 1.6% premium to last night's close, leaving plenty of room for more price-target hikes, while 33 of 38 covering brokerages rated META a "buy" or better.
Meta Platforms stock was last seen 0.4% higher before the bell, trading at $272.50. The shares have ripped up the charts over the last few months, guided higher recently by their 20-day moving average. Year-to-date, the stock is up 125.5%.
Those wanting to speculate on META stock's next move, options might be a good idea. The security's Schaeffer's Volatility Index (SVI) of 30% sits in the extremely low 1st percentile of its 12-month range, indicating that options players are pricing in low volatility expectations. Plus, META's Schaeffer's Volatility Scorecard (SVS) sits at 90, suggesting the stock has tended to exceed options traders' volatility expectations during the past year.