10:45 AM EDT, 09/26/2024 (MT Newswires) -- Meta Platforms' ( META ) prototype of the next-generation full holographic augmented reality smart glasses was the highlight of the company's recent Meta Connect event, but the product seems to be "several years" away from general release, BofA Securities said Thursday.

The Facebook and Instagram parent also introduced updated versions of its Ray Ban-styled smart eyeglasses, along with other products at the Wednesday event.

"While Metaverse spend still seems hard to justify, with glasses, long-term investors may have some renewed optimism on Meta's opportunity to be at the forefront of the next generation of personal computing devices," BofA analyst Justin Post said in a note to clients. "More importantly, the company appears to be successfully innovating around new [artificial intelligence] capabilities, driving usage growth which can offset terminal value concerns, and we see Meta as the top AI pick in consumer Internet."

BofA increased its price objective on the Meta stock to $630 from $563 while reiterating its buy rating.

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