Meta Platforms, Inc., formerly known as Facebook, has seen a significant surge in its share price, with a gain of over 20% in New York following the release of its quarterly results. This surge comes in the wake of Jefferies reaffirming its ‘buy’ recommendation on the stock, and raising its price target from $455 to $550, reflecting a 22% increase.

Jefferies, a prominent broker, expressed confidence in Meta’s performance in digital advertising, leading to an upward revision of its revenue growth forecast for 2024 to +22%. This marks a substantial increase from the previous forecast of +17%. The broker also raised its EPS estimates for fiscal 2024 and 2025 by 13% and 18% respectively, citing the significant surge in share price and the absence of any alteration to 2024 spending targets.

Meta’s positive performance has garnered support from various financial institutions, with several firms revising their price targets for the company. Roth MKM, BofA Securities, Deutsche Bank, and others have all increased their price targets, reflecting a bullish outlook on Meta’s future prospects.

The surge in Meta’s share price and the favorable outlook from leading brokers and financial institutions indicate a positive sentiment towards the company’s growth potential and market position. As Meta continues to solidify its presence in the digital advertising space, investors and analysts are closely monitoring its trajectory and anticipating further developments in the coming quarters.