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Meta Gains as KeyBanc Sees Strong Holiday Sales for Oculus Headset

  • Analyst cites VR headset app’s top ranking on Christmas Day
  • Shares have risen more than 10% off a low hit early this month
Updated on

Meta Platforms Inc. shares rose on Monday, with the Facebook parent company leading an advance among big-cap technology and internet stocks amid signs of strong demand for its Oculus virtual reality headset during the holiday season.

The stock gained 3.3% and closed at its highest level since Nov. 15. U.S. stocks were broadly higher on Monday, with tech names among the leaders, and Meta got a boost after KeyBanc Capital Markets wrote that Oculus was likely a popular gift over the holiday season. The firm cited the rankings of the Oculus app in Apple Inc.’s app store, which “suggest a solid Christmas selling season.”