Meta Stock Rises as Apple, Alphabet, Microsoft Stocks Fall
Meta Platforms (META) stock is experiencing a slight uptick in pre-market trading on Tuesday, rising by about 0.66% after falling 4.79% on Monday. This trend stands out against the broader technology sector, where Apple (AAPL), Alphabet (GOOGL), and Microsoft (MSFT) stocks are slipping.
The boost to Meta's stock is attributed to two company-specific developments. Firstly, Bank of America analyst Justin Post remains bullish on the company, reiterating a Buy rating and an $810 price target, which indicates 13% upside from current levels. Secondly, Meta has expanded its AI-powered tool Muse to small businesses, allowing them to connect with various apps such as QuickBooks, Canva, Shopify (SHOP), Slack, and Asana (ASAN).
The launch of Muse for Small Business comes a day after Meta announced its new Meta Enterprise Platform, which will bring Muse and other AI tools to businesses and developers. Post sees room for Meta's AI products to grow, citing strong early user and partner momentum.