Meta Platforms Inc. (NASDAQ:META) shares surged over 12% Monday, adding more than $200 billion in market value in a single session, according to Benzinga Pro market data.
The company tacked on roughly $207.5 billion in market capitalization intraday, climbing from about $1.695 trillion at the prior close to about $1.902 trillion.
Wells Fargo’s Meta Price Target Boost
- In a Monday note, Wells Fargo raised its price target for Meta to $796 from $640, maintaining an Overweight rating.
- The adjustment comes as excitement builds around the upcoming Meta Connect event, where founder and CEO Mark Zuckerberg is expected to outline the company’s broader product vision.
- The event will feature a keynote on Wednesday, Sept. 23, followed by a developer-focused session on Thursday, Sept. 24. Meta recently introduced Muse, a personal AI agent designed to assist users with tasks and goals.
Rosenblatt’s Bullish Outlook on Meta
- Rosenblatt Securities maintained its Buy rating on Meta, setting a price target of $886 in a recent note.
- The firm highlighted Meta’s upcoming product launches, including camera-free smart glasses, code-named Luna, expected this fall.
- The glasses will feature six microphones for AI interactions. Additionally, Meta has started rolling out parental supervision tools for Threads across Asia Pacific, allowing parents to manage privacy settings and monitor usage.
- Citigroup also maintained a Buy rating with an $800 price target, citing the Connect event as a near-term catalyst.
Technical Analysis
Meta’s RSI stands at 78.35, indicating overbought conditions. The stock trades 22.75% above its 50-day SMA of $608.94 and 19.67% above its 200-day SMA of $624.66, with the 50-day SMA still below the 200-day SMA.
META Stock Price Activity: Meta stock was up 12.27% at $747.46 at the time of publication Monday, according to Benzinga Pro.
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