UBS raised the price target on Meta Platforms (NASDAQ:META) from $300 to $335 per share, while maintaining a Buy rating and a Top Idea designation.

The analysts believe that generative AI technology will be a significant growth driver for Meta. They expect the social media company to extensively integrate this next-generation technology into its apps. The analysts are confident that Meta will be recognized as a winner in the AI space, which adds another favorable aspect to the bullish case for the company.

The analysts noted that there has been discussion about Meta's AI tools, but investor conversations have predominantly focused on the advertising technology angle, rather than the potential consumer applications that could drive new engagement and advertising units. The analysts believe that the current share price does not fully reflect this potential.