Meta Edges up as AI Concierge Test Rolls Back
Meta shares rose 0.39% to $739.48 premarket. The company halted a human AI concierge test after employee privacy concerns.
Key points
- Meta shares rose 0.39% to $739.48 in premarket trading despite broader market declines.
- Meta rolled back a Muse AI human concierge test after employee privacy concerns.
- KeyBanc and Cantor Fitzgerald raised Meta price targets to $900 and $860, respectively.
Meta Platforms stock rose 0.39% to $739.48 in Wednesday premarket trading. This gain occurred despite falling Nasdaq and S&P 500 futures, which dropped 0.24% and 0.09% respectively.
The move reflects continued investor preference for large-cap tech names. Benzinga reports that Meta remains a key holding in several major exchange-traded funds, amplifying its market impact.
AI Concierge Test Halted
Meta tested a human concierge feature for its Muse AI assistant. Contractors handled phone calls for half of employees last week, per Reuters.
Employees raised concerns that contractors might access sensitive data. Internal posts warned of unintentional information sharing. Meta has since rolled back the feature.
Analysts Raise Price Targets
KeyBanc raised its Meta price target to $900, maintaining an Overweight rating. Cantor Fitzgerald also raised its target to $860 while keeping an Overweight stance.
Bank of America maintained a Buy rating and an $810 target. The consensus average price forecast stands at $793.08, with Meta trading at 27.7 times earnings.
Technical Signals Show Caution
Meta trades 16.4% above its 20-day moving average of $633.06. It is also 17.9% above the 200-day average of $625.11.
The relative strength index is 75.68, indicating overbought conditions. Resistance sits near $744, while support is near $595. A death cross in December 2025 leaves the 50-day average below the 200-day line.
