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Wall Street analysts become even more bullish on Meta after its latest earnings report

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Analysts on some of Wall Street's biggest firms raised their price targets on Meta shares.

Meta has had a breakout year in 2023 — and Wall Street analysts think the stock has even further room to grow after company's latest quarterly report. The social media company reported earnings per share and revenue for the second quarter that beat analyst expectations , boosted by a rebound in ad revenue. Meta also issued optimistic third-quarter guidance.

mountain Meta shares in 2023 Meanwhile, UBS hiked its price target to $400 from $335, implying 34% further upside. Meanwhile, Credit Suisse's new price target is even higher, at $407 from $361. "Reels ramp delivers the upside," Credit Suisse analyst Stephen Ju said in his Friday note. Ju projects Reels delivering double-digit growth through the next several years. Ju maintained his outperform rating on shares.

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