Meta rises more than 1.5% to continue hitting new highs, unveiling the latest VR headset at the developer conference and showcasing the prototype of AR smart glasses

Meta Platforms rose more than 1.5%, reaching a high of $576.98, setting a new historical high. On the news front, Meta unveiled the new generation of more affordable mixed reality headset Quest 3S and the prototype of the first Orion holographic AR smart glasses at the Connect annual developer conference. Meta also released the latest multimodal AI model LLAMA 3.2, which can understand both images and text simultaneously. Following the launch of the new products, Rosenblatt Securities raised Meta Platforms' target price from $643 to $811, maintaining a "buy" rating. JMP Securities raised the target price from $550 to $635, maintaining an "outperform" rating