Meta can rally more than 25% thanks to Reels and efficiency plans, Morgan Stanley says
Meta 's tightening its belt and has business improvements that may not be fully appreciated, Morgan Stanley said. Analyst Brian Nowak upgraded the stock to overweight from equal weight. Nowak also raised his price target by $60 to $250, implying an upside of 26.4% from Monday's close.
Meanwhile, revenue and engagement trends are improving, with Nowak pointing specifically to Reels as an area seeing bettered engagement and monetization. The company's investments in artificial intelligence should further help Reels, he said. Nowak expects Reels to generate $18 billion in revenue in 2024, which would mark an increase of 115% from $8 billion in 2023. All other Meta revenue should decline by 1% in 2023, but grow 5% in 2024.
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