01:35 AM EDT, 04/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We boost our 12-month target to $580 from $500, on a P/E of 25.2x our 2025 EPS view, which we lift to $23.04 from $21.61, within META's five-year historical forward range. We up our 2024 EPS view to $20.07 from $18.87. Although we acknowledge recent multiple expansion increases the likelihood of a pullback, we remain optimistic about further digital ad share gain, potential AI monetization, and margin/FCF upside from greater scale/efficiencies. Ahead of Q1 results set for 4/24, we see upside to consensus EPS/revenue expectations, led by verticals like e-commerce and gaming as well as ongoing strength from China advertisers. We think engagement levels remain strong (Reels/video +25% Y/Y) while all eyes will be on key developments and penetration of new GenAI features (e.g., Meta AI Assistant, AI Studio, greater Advantage+ tools, and upcoming launch of Llama 3). We see annual FCF of +$50B in 2024 and +$60B in 2025, supporting higher buybacks/dividends, despite elevated capex to support AI infrastructure build.