Meta Platforms (NASDAQ:META) shares surged nearly 14% today after the company reported its Q1 earnings results, with EPS coming in at $2.20, beating the Street estimate of $2.02. Revenue was $28.65 billion, better than the Street estimate of $27.61 billion.

Family daily active people and Family monthly active people grew 5% year-over-year to 3.02 billion, and 3.81 billion, respectively. The company expects Q2/23 revenue to be in the range of $29.5-32 billion, compared to the Street estimate of $29.5 billion.

RBC Capital analysts believe further upside from here is still achievable on engagement share gains and ongoing conversion improvement eventually will lead to incremental spend. The analysts raised their price target to $285 from $225 while maintaining their Outperform rating.