JPMorgan is turning more bullish on Meta Platforms, betting that the tech giant's aggressive expansion into artificial intelligence could open new businesses beyond its massive advertising operation, even as the spending required to compete in AI threatens to put unprecedented pressure on cash flow.
The bank upgraded Meta to "buy" from "neutral" in a Thursday note and raised its price target to $820, according to CNBC. The new target implies roughly 30% upside from Meta's Wednesday closing price. The upgrade follows a burst of AI product announcements from Meta, including the Tuesday launch of its Muse personal AI agent app, powered by the company's Muse Spark family of models.
