Meta ticks higher after New Street Research upgrades on AI efforts
Fritz Jorgensen/iStock Editorial via Getty Images

New Street Research upgraded Meta Platforms (NASDAQ:META) to Buy from Neutral with a price target of $350 from $285 ahead of the Facebook parent's earnings results on Wednesday.
New Street Analyst Dan Salmon noted that he is hearing very positive feedback on the company's AI efforts.

Qualcomm (QCOM) announced last week that it was teaming with Meta (META) to bring large language models to smartphones and PCs. In a separate release last week, Meta said it was introducing its open source large language model Llama 2, in collaboration with Microsoft (MSFT), for free for research and commercial use.
YTD, Meta's stock has surged ~134%, and last week's launch of Llama 2 should help continue this momentum, according to the form.
The SA Quant Rating on META Strong Buy, while the average Wall Street Analysts' Rating is Buy.
META +1.33% to $295.48 premarket July

More on Meta 

Meta: No-Brakes Rollercoaster With Key Earnings On Deck
Meta Platforms: The Uphill Climb Is Paying Off