Meta’s stock picks up an upgrade ahead of earnings — but AI is the biggest driver – MarketWatch
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” : ‘int.’; const baseUrl = LOGIN_URL[window.utag_data.page_site_product]; const loginUrl = `https://${prefix}${baseUrl}`; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); window.location.href = `${loginUrl}?target=${encodeURIComponent(targetUrl)}`; }); }); }, getRegisterUserPromise() { return new Promise(() => { window.GaaMetering?.getGaaUserPromise() .then((credential) => { window.__googleEA?._registerUser(credential); }); }); }, showPaywall() { const SHOP_URL = { prod: { WSJ: ‘https://subscribe.wsj.com?target=’, BOL: ‘https://subscribe.barrons.com?target=’, FN: ‘https://partner.fnlondon.com/p/1140300052/eligibility?mod=subscribe-google-ea&targetURL=’, MW: ‘https://subscribe.marketwatch.com?target=’ }, dev: { WSJ: ‘https://subscribe.wsj.com?target=’, BOL: ‘https://subscribe.barrons.com?target=’, FN: ‘https://partner.s.dev.fnlondon.com/p/p_fnlondon/eligibility/?mod=subscribe-google-ea&targetURL=’, MW: ‘https://subscribe.marketwatch.com?target=’ } }; const product = window.utag_data.page_site_product; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); window.location.href = `${(SHOP_URL[envGoogleEA] || SHOP_URL.dev)[product]}${encodeURIComponent(targetUrl)}`; }, handleSwGEntitlement(productId) { return (entitlements) => { if (!entitlements || !Array.isArray(entitlements.entitlements) || !entitlements.entitlements.length) { window.localStorage.setItem(‘swg-call-delay’, Date.now() + (60 * 60 * 1000)); return; } let subscriptionToken; for (const entitlement of entitlements.entitlements) { if ((entitlement.source === ‘google’) && (entitlement.products.includes(productId))) { subscriptionToken = entitlement.subscriptionToken; } } if (!subscriptionToken) { return; } const isCxdjExist = window.setInterval(() => { if (window.cxdj?.meta?.topDomain && window.cxdj?.displaySwgScrim) { window.cxdj.displaySwgScrim(); clearInterval(isCxdjExist); } }, 100); }; }, getAllowedReferrers() { const PRODUCT_DOMAIN = { WSJ: ‘wsj.com’, BOL: ‘barrons.com’, FN: ‘fnlondon.com’, MW: ‘marketwatch.com’, MG: ‘mansionglobal.com’ }; const LOGIN_URL = { WSJ: ‘accounts.wsj.com’, BOL: ‘accounts.barrons.com’, FN: ‘accounts.dowjones.com’, MW: ‘accounts.marketwatch.com’, MG: ‘accounts.dowjones.com’ }; const SHOP_URL = { prod: { WSJ: ‘subscribe.wsj.com’, BOL: ‘subscribe.barrons.com’, FN: ‘partner.fnlondon.com’, MW: ‘subscribe.marketwatch.com’ }, dev: { WSJ: ‘subscribe.wsj.com’, BOL: ‘subscribe.barrons.com’, FN: ‘partner.s.dev.fnlondon.com’, MW: ‘subscribe.marketwatch.com’ } }; const product = window.utag_data.page_site_product; const productHostNamePrefix = envGoogleEA === ‘prod’ ? 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” : ‘int.’; const loginBaseUrl = LOGIN_URL[pageSiteProduct]; const loginUrl = `https://${loginUrlPrefix}${loginBaseUrl}/google-login`; const targetUrl = new URL(window.location.href); targetUrl.searchParams.set(‘isGaa’, true); fetch(registerEndpoint, { method: ‘POST’, body: JSON.stringify({ id_token: credential?.credential, displayContextId: ‘SOCIAL_CONNECT’, returnUrl: window.location.href.split(‘?’)[0], editionId: `${EDITION_ID[pageSiteProduct]}`, registrationSource: `${REGISTRATION_SOURCE[pageSiteProduct]}` }), headers: { ‘content-type’: ‘application/json’, } }) .then((response) => { if (!response.ok) { console.error(‘GoogleEA: Social Connect Invalid Status Code’); return; } return response.json(); }) .then((userState) => { if (!userState) { console.error(‘GoogleEA: Social Connect No Data’); return; } window.location.href = `${loginUrl}?target=${encodeURIComponent(targetUrl)}`; }) .catch((err) => { console.error(`GoogleEA: Social Connect Err: ${err}`); }); } }; })() ]]]]]]]]>]]]]]]>]]]]>]]>
The Ratings Game
Published: July 25, 2023 at 10:42 a.m. ET
New Street analyst says his upgrade isn’t ‘an explicit call’ on the second quarter, but he’s comfortable with that backdrop — and especially enthusiastic about AI
A New Street analyst is upbeat about Meta’s Messenger monetization opportunities related to AI.
Josh Edelson/Agence France-Presse/Getty Images
[]It isn’t lost on New Street Research analyst Dan Salmon that he’s upgrading shares of Meta Platforms Inc. a day before the company is due to report earnings.
[]Indeed, Salmon is “comfortable” turning bullish on Meta’s stock META, +0.98% with that backdrop, noting that feedback from digital-advertising executives has been encouraging and suggestive that upbeat results are more likely than downbeat ones.
[]Read: Meta’s stock has been on a roll — and analysts say advertising has picked up recently
[]“We expect the continued ramp of Reels…and growing advertiser adoption of the
Advantage suite of ad products (especially Advantage+ shopping campaigns) to drive outperformance relative to the digital advertising market over the near-term,” Salmon wrote. Meta’s Advantage+ offerings use machine learning to cut back on the manual work required of marketers looking to build campaigns.
[]See also: Digital ads are coming back, but are there enough for Snap?
[]At the same time, Salmon said his upgrade of Meta shares to buy from neutral is “not an explicit call on the quarter.” Rather, it comes as he’s ever more upbeat about Meta’s opportunities in artificial intelligence.
[]Salmon heard “very positive feedback on the company’s AI efforts” when he hosted AI speakers last week. Those conversations left him with an “improved longer-term outlook for monetization of WhatsApp and Messenger,” as the company could potentially make a subscription-based generative AI agent available to business customers.
[]AI could even help Meta in an area where Wall Street seems generally wary: the metaverse. Generative AI “should create significant efficiencies” there, according to Salmon.
[]Don’t miss: ChatGPT isn’t proving to be the death knell for Alphabet or for search advertising
[]Additionally, Meta last week unveiled Llama 2, an open-source large language model, alongside Microsoft Corp. MSFT, +1.70% Meta’s updates and its open approach should “expand the use of its large language model considerably,” in his view.
[]He boosted his price target on Meta shares to $350 from $285 in his Tuesday note.
[]Meta shares are up 0.5% in morning trading, and they’re ahead more than 140% so far this year.
NBA players react to reported $776 million offer for soccer star Kylian Mbappé: ‘Wtf’
[]PSG star Kylian Mbappé is one of the best footballers in the world and one team is reportedly willing to pay him $776 million for his services.
[]Emily Bary is a MarketWatch reporter based in New York.
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