Citigroup’s equity research team raised its price target on Meta Platforms to $803 from $690 while reiterating a Buy rating, citing a strengthening outlook for the social-media company’s advertising and artificial-intelligence initiatives. The analysts said discussions with brands and agencies at Meta’s marketing events in Cannes highlighted rising engagement on Instagram Reels and other products, along with accelerating adoption of AI tools that improve ad performance. Citi described the company’s current phase as a “product supercycle” that combines advances in AI, creative formats and video, and named Meta a top pick among digital-advertising stocks.