Shares gained another bull market on Tuesday after New Street Research pulled shares of Facebook’s parent company.
Analyst Dan Salmon raised his rating on Meta (NYSE: META) to Neutral to Buy and raised his price target on the stock to $350 from $285. Salmon wrote that the ratings increase was largely driven by optimism about the steps Meta has taken in artificial intelligence.
Meta shares were up 0.4% to $292.76 in recent morning trading. Entering Tuesday, the stock surged 142% since the beginning of the year. The company will report results after the market close on Wednesday.
Meta introduced the availability of Llama 2 in partnership with.
Llama 2 is an open-source large-scale language model that gives developers the ability to build generative AI tools.
“After considering the details of the Llama 2 release, especially the broad base release,
By endorsing META’s open approach, we believe this effort will help significantly expand the use of META’s large-scale language models,” Salmon said in a research note on Tuesday.
Salmon also said he believes generative AI capabilities can create long-term monetization opportunities for Meta through Metaverse, Messenger and WhatsApp.
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