Meta's stock achieves record highs amid Mark Zuckerberg's increased focus on AI and AR

Meta Platforms, Inc. META shares have reached all-time highs above $500, driven by CEO Mark Zuckerberg's recent emphasis on advancements in artificial intelligence (AI) and augmented and virtual reality (AR/VR). Zuckerberg engaged with Meta's developers in Tokyo to discuss the company's Quest headsets and large language model, Llama.

Key Points:

• Meta's CEO Mark Zuckerberg focusing on AI and AR/VR progress.
• Meetings with Samsung Electronics and LG Electronics executives on AI collaboration.
• Upcoming unveiling of augmented reality glasses codenamed Orion at Meta's annual Connect event.
• US court ruling in favor of Meta against NSO Group regarding spyware code sharing.
• Meta's stock up over 40% year-to-date, trading above 50-day moving average.

Analyst Forecasts and Stock Performance:

Wall Street analysts have an average 12-month price target of $496.44 for Meta Platforms. The stock has shown significant growth this year but may face downside risks according to the average price target.

Recent Price Target Changes:

Over the past month, 17 analysts adjusted their price targets for Meta Platforms as per Benzinga Pro data.

Analyst Ratings:

Of the analysts covering Meta Platforms, 26 have positive ratings, one has neutral ratings, and none have negative ratings.

Meta Platforms has seen a sharp increase this year, outperforming the average stock market returns. However, potential downside risks are suggested based on the average analyst price target.

META Price Action:

Meta Platforms shares are currently trading at $503.14, up 2.65% from previous levels.