citi thinks the online advertising market is set for a strong rebound and thats already evident within meta platforms  the bank raised its price target on meta to 360 per share the highest on wall street from 315 the new target represents upside of more than 29 from mondays close citi also reiterated the stock as its top pick in its basket of north american internet coverage meta has soared more than 131 this year as the company has ridden the wave of investor excitement over artificial intelligence on top of that meta has moved to reduce costs with ceo mark zuckerberg calling 2023 the year of efficiency meta ytd mountain meta in 2023 but analyst ronald josey said metas reels product is driving citis bullish sentiment he noted that ad loads on reels reached 17 quarter to date and 18 in june alone we now project metas ad revs to grow 14 yearoveryear in 24 with reels generating 105b of revenue in 24 though continued adoption of clicktomessage newer advantage verticals the potential around ai agents and a more stableimproving digital ad environment could support greater higher margin ad growth going forward josey said the strong advertising output on reels josey said coupled with the firms takeaways from attending the canneslions festival of creativity underpins citis overall view that the online ad market is on course to improve steadily while stability has been a broader theme this year given atnear record advertiser attendance at cannes in our view we believe there is an increased willingness among marketers to partner and deploy ad budgets on those platforms at scale that are investing in ads innovation he said cnbcs michael bloom contributed to this report