Investing.com - Citi initiated coverage on Meta Platforms Inc. (NASDAQ: META ) with a Buy rating and a price target of $803.00, up from a previous target of $690.00, the firm announced Tuesday.

The rating comes after Citi analyst meetings with brands, agencies, and marketers at Meta Beach in Cannes, where the research firm found consistent feedback that Meta offers superior targeting capabilities compared to competitors.

Citi designated Meta as a "Top-Pick" in its coverage, citing the platform’s ability to "target specific audiences/users, find the variations to drive conversions" across multiple formats as key strengths driving advertiser adoption.

The firm noted that Meta’s investments have "resulted in a significant ramp in ad spend on the platform," with one brand specifically highlighting Meta’s improved creative offerings as a differentiator.

Video and Reels content on Meta’s platforms is outperforming YouTube, according to brand feedback received by Citi, contributing to the research firm’s increasingly positive outlook on the social media giant’s advertising business.

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