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Meta: Jefferies ups TP

( - Jefferies reaffirms its 'buy' recommendation on Meta Platforms shares with a target price raised from $550 to $585 (pmt: $516, +1.
8%), seeing the social networking giant "Rising Above Ad Peers with a Mega Moat".

Based on its updated market share analysis, the broker believes that Meta could capture 50% of the industry's advertising dollar earnings this year, which would be its highest level ever, and well above its 33% in 2023.

In 2024, Jefferies estimates that advertising sales could grow by 20% or more (compared with an industry average of 9%), as the scaling of generative AI advertising tools complements Meta's Advantage+ product suite, "Already best-in-class".

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