Meta Platforms, Inc. (NASDAQ:META)is one of the Trending AI Stocks on Wall Street.On July 9, BofA Securities analyst Justin Post raised the price target on the stock to $765.00 (from $690.00) while keeping a Buy rating.
The rating affirmation followed reports that the AI giant has acquired almost 3% stake in its AI-eyewear partner EssilorLuxottica, which is the parent company of Ray-Ban and Oakley.
The investment reflects a deepening and longer-term partnership to develop smart glasses, as per the analysts. The reports further suggest that Meta may have the option to increase its stake in the eyewear company to 5% in the future.
According to the firm, Metas latest investment reflects a particular focus on smart glasses in Metas hardware and AI wearable strategy, whereas its VR goggles are likely to underperform expectations.
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