Meta (META) shares gained over 3% in intraday trading Thursday as Jefferies analysts raised their price target for the stock, saying the company is well-positioned to outpace peers in the digital ad space as it leverages 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) tools.

Jefferies analysts said that Meta "could capture 50% of incremental industry ad dollars in 2024, which would be its highest ever and well above its 33% in 2023" as "scaling Gen AI ad tools supplement Meta's already best-in-class Advantage+ product suite."

The analysts noted Meta's ad business in 2024 could also outgrow Amazon's (AMZN) for the first time since 2015.

Jefferies highlighted that Meta's $27 billion invested in 澳洲幸运5官方开奖结果体彩网:capital expenditures in 2023 has "helped the company develop several strategic advantages over peers," including the AI recommender tool on Reels, additional tools foꦕr its advertiser campaign platform Advantage+, and "impressive momentum" for its click-to-message 𝐆ads.

Meta's competitive advantage "is likely to continue growing with new Gen AI ad tools," the analysts said.

Jefferies analysts lifted their price objective to $585 from $550, and reiterated a "buy" rating.

Meta shares were up 3.8% trading at $526.07 as of about 2 p.m. ET Thursday. The stock has gained more than 50% since the start of 2024.