Meta gained nearly 1% in New York as Jefferies reaffirmed its 'buy' recommendation on the stock, with a price target raised from $425 to $455, pointing to 'the most positive recent digital advertising valuations in several years'.

These elements reinforce the analyst's belief that fourth-quarter revenues will be at the top end of the target range, and that the group's revenue targets for the current quarter will exceed the top end of market expectations.

'Despite the 194% yield in 2023, the stock looks cheap at around 19 times 2025 EPS, and we think it can climb with accelerating sales growth and positive EPS revisions', adds Jefferies.

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