Meta Platforms Inc. (NASDAQ:META) is one of the best QQQ stocks to buy according to hedge funds. On June 19, Cantor Fitzgerald reaffirmed its Overweight rating for Meta while increasing the price target from $676 to $807. The adjustment was made by analyst Deepak Mathivanan, who signals strong confidence in Meta’s future growth potential.

Meta is now focused on integrating advertisements into WhatsApp’s Updates tab, which improved Mathivanan’s outlook on the company as he believes that the move will unlock new revenue streams for Meta without compromising user experience. He also highlighted new ad formats, such as ‘Promoted Channels’ and ‘Status Ads.’

Mathivanan estimates that if ad adoption reaches even 5% of the current levels seen on Instagram and Facebook, it could substantially impact Meta’s earnings by FY2027. WhatsApp has a user base of over 3 billion monthly users globally, with 82% of monthly users active daily, viewing an average of 50 stories. Given this engagement, even a small increase in ad presence is expected to boost Meta’s earnings shortly.

Meta Platforms Inc. (NASDAQ:META) develops products that enable people to connect and share with friends & family through two segments: Family of Apps (FoA) and Reality Labs (RL).

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Disclosure: None. This article is originally published at Insider Monkey.