Baird lifts Meta price target, notes messaging as key growth driver

Baird raises PT on Facebook- and Instagram-owner Meta Platforms META.O to $740 from $635, about 3% upside to stock's last close; maintains "outperform" stance

Brokerage says messaging still major revenue opportunity for Meta; click-to-message ads alone estimated to generate around $15–20 bln annually

WhatsApp ads could bring in about $10 bln over the next 3–5 years, with subscriptions, usage, and transaction fees potentially adding another $10 bln, adds brokerage

"We estimate messaging could contribute $40-50 bln in revenues for Meta by 2030"- Baird

Average stock rating of 71 analysts is "buy"; median PT is $722— Data compiled by LSEG

Up to last close, stock had risen ~23% YTD