Bank of America: Raise Meta target price to $660

Bank of America Securities reported that Meta's third-quarter revenue exceeded market expectations, mainly due to the benefits of artificial intelligence (AI)-driven usage and advertising targeting improvements, while earnings per share continued to exceed expectations. The bank believes that Meta's AI-driven advertising improvements still have several quarters of room for development, and sees strong growth momentum in 2025, including AI and video-driven usage growth trends, AI solutions (Advantage+) to bring higher ROI and incremental advertising spending, accelerated message delivery monetization (commercial messaging, click-to-message advertising), and undeveloped assets (Meta AI, Threads). The bank raised the group's 2025 earnings per share by 6% to US$25.78, and revenue by 3% to US$188 billion. The target price was correspondingly raised from US$630 to US$660, and the "buy" rating was reiterated.