META Platforms Q4 Preview – China and AI Supporting Ad Spend

META Platforms Inc. (META) will release its Q4 2023 financial results on February 1st. Our 12-month target price on META's stock has been raised from $390 to $430. Although we expect growth to slow in 2024, we believe that META's attractive valuation, a healthy digital ad market and AI prospects, make for a compelling investment opportunity. Ad revenue is projected to grow 20%-21% in Q4 2023 and mid-teens growth is expected for 2024.