Meta Platforms (META) faces less exposure to a potential slowdown in enterprise artificial intelligence spending because it primarily relies on its own AI technology, UBS Securities said Thursday in a report.
UBS highlighted long-term revenue potential from Meta's AI-related products, particularly Business Messaging and Meta AI, which Chief Executive Officer Mark Zuckerberg emphasized during the company's Q1 update.
In a separate report, UBS reiterated its positive outlook for AI demand, citing continued growth in model training and application deployment, fueled by ChatGPT's popularity and new product launches from major tech firms, including Meta.
UBS raised its price target on Meta stock to $812 from $683 and maintained its buy rating.
Meta shares rose 2.1% in recent trading Thursday.
Price: 723.65, Change: +14.97, Percent Change: +2.11
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