Meta Platforms stock pushed higher Wednesday, back toward highs from late last month. Multiple Wall Street analysts have upped their price targets this week for shares of the Facebook parent company, with Meta's second quarter results due later this month.
TD Cowen analyst John Blackledge reiterated a buy call and raised his price target for Meta stock to 800, from a previous 700, in a client note Wednesday.
"We forecast Q2 revenue growth of 16% (year over year), roughly 2% above consensus, driven by continued video monetization and engagement gains," Blackledge wrote. "We see Meta's recent AI investment and hires as a response to mixed Llama 4 reception, as Meta increases AI capabilities to drive core advertising business and Business AI tools."
On Tuesday, Wells Fargo analysts upped their Meta price target to 783 from 664 while Roth analysts moved their price target to 740 from 620. Both firms cited improving outlooks from the easing of tariffs as part of their rationale.
Before the July 4 holiday weekend, Meta stock also got an upgrade to neutral from previously bearish analysts at Needham.
Meta stock was ahead about 2% at 733.01 in recent action on the stock market today.
In separate Meta news, Bloomberg reported late Tuesday that the company is spending about $3.5 billion for a 3% stake in European eyewear manufacturer EssilorLuxottica. The two companies are already working together to develop AI-powered smart-glasses. Meta's Ray-Bans with a built-in AI assistant became a surprise hit for the social media giant last year.
Meta Q2 Earnings Preview
Meta will report its second quarter results on July 30. Analysts polled by FactSet are projecting Meta will post adjusted earnings of $5.83 per share, up 13% year over year. Sales are seen rising 14% to $44.6 billion.
After slumping during the spring, Meta stock has rallied more than 50% since mid-April. That put the stock back at record highs by the end of last month, with a slight pullback last week.
Analysts had mostly revised their targets for Meta stock downward earlier this year, citing concerns tariffs would weigh on advertising spending. Ad sales for Facebook, Instagram and Meta's other apps drive 99% of its revenue.
The average target price for Meta stock fell from a high of 762.80 in February to 696.50 in May, according to FactSet data. Still, 86% of the 73 analysts following Meta stock rate it a buy, according to FactSet.
With the recent hikes, Meta's average target price among analysts was 720.53 as of Wednesday, still slightly below Meta's actual price.
For its upcoming earnings report, analysts will be watching for updates on Meta's spending plans. The company recently announced a "Meta Superintelligence Lab" focused on AI research and products. Meta Chief Executive Mark Zuckerberg reportedly recruited researchers from OpenAI and other competitors for the effort.
Meta Stock: 96 Composite Rating
Meanwhile, Meta stock is ahead 26% overall this year, the best gain among Magnificent Seven stocks.
Shares of the social media giant have an IBD Composite Rating of 96 out of a best-possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating.
