Citizens JMP Reiterates Market Outperform on Meta, $800 PT
Citizens JMP analyst Andrew Boone reiterated a Market Outperform rating and $800 price target on Meta Platforms Inc.
(NASDAQ: META).
“Instagram (META, MO, $800 PT) engagement momentum continues, though the U.S. decelerated. Global time spent grew ~13% Y/Y in June, the thirteenth consecutive month of doubledigit growth.
Global time spent comps toughen through this year as Instagram faces double-digit comps for the remainder of the year, which began in June.
U.S. time spent grew ~9% Y/Y, ending a 14-month streak of double-digit growth, though Instagram remains the fastest-growing platform outside of Threads.
Importantly, this compares to Instagram’s global and U.S.
MAU growth of +3% Y/Y and -1% Y/Y, respectively, suggesting Instagram continues to see usage gains from existing members in the double-digits, likely driven by ongoing relevancy gains from AI.”
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