Cowen analyst John Blackledge said his survey data shows that 21% of Meta Platforms' Instagram users regularly used Reels in May 2022, the highest level since he started tracking its usage.

He said while rising Reels usage is positive, it is a near-term drag on monetization as META ramps its advertising offering. Blackledge reiterated his Outperform rating and $300 price target on $META Platforms shares.