TD Cowen analyst John Blackledge upgraded Meta's stock to outperform, lifting its price target to $345 (up from $220) due to the company's cost-cutting initiatives, which have exceeded expectations. Blackledge highlights Meta's potential to monetize engagement growth in Reels, an Instagram feature, along with other potential ad formats and products in the long term. With 100 million sign-ups in the first five days, Threads, Meta's new social media platform, may present additional monetization opportunities if engagement persists. Meta shares increased 1.6% in premarket trading on Thursday.