As Meta's Threads surpasses 70M users, BofA says 'exceeding expectations'
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Meta Platforms (NASDAQ:META) Threads app has surpassed 50M users, CEO Mark Zuckerberg said on Friday, leaving investment firm Bank of America impressed.
Analyst Justin Post, who has a buy rating and per-share price target of $300 on Meta (META), said the early success of Threads, which has brands such as Netflix and Warner Bros. and celebrities like Bill Gates and Oprah Winfrey already on the platform, is building on itself and "likely to continue for a few days, aided by [Instagram] integration and strong press coverage."
Despite concerns about a potential lawsuit from Twitter, Post said Meta's (META) CEO Mark Zuckerberg has "big ambitions" and Threads could add 1 to 2 points to the company's 2024 revenue growth. 
"Assuming the app is successful, Meta captures 250 [million] average users in 2024, and that Meta chooses to start the revenue ramp next year and reaches 50% of Twitterâs 2021 APRU (which was $23), we estimate a $2-3bn 2024 revenue opportunity," Post wrote in an investor note. 
Zuckerberg said the 70M signups for Threads were "way beyond" the company's expectations and come just two days after officially launching on July 5. Threads is now the fastest growing app in history, surpassing ChatGPT.
It's unclear when Meta is likely to place ads on the platform in an effort to boost traction. However, Post said that given the company's "strong execution history" in monetizing and boosting users at the same time, it's likely Wall Street will give the company credit at or above Twitter's average revenue per user of $23, especially if users are engaged.
Meta (META) shares were fractionally higher in mid-day trading on Friday.
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Updated to include Zuckerberg's comments.