Meta Platforms Inc (NASDAQ:META) shares are trading higher Thursday following the launch of the company's new social platform, which will compete with Twitter. KeyBanc also raised its price target on the stock.

What To Know: Meta launched Threads on Thursday. The social media app is available for download in multiple app stores. It connects to user's Instagram accounts and functions similarly to Twitter. 

The app description in the Apple App Store states, "Threads is where communities come together to discuss everything from the topics you care about today to what’ll be trending tomorrow. Whatever it is you’re interested in, you can follow and connect directly with your favorite creators and others who love the same things — or build a loyal following of your own to share your ideas, opinions and creativity with the world."

The news of the launch comes just days after Elon Musk was criticized for putting limits on how many posts users can see on the Twitter platform daily. 

The cap on content received plenty of backlash, which has become the norm since Musk took over the company. Shortly after he acquired Twitter, Musk rolled out a subscription feature called Twitter Blue and removed all legacy verified accounts from the platform, which was met with confusion and uproar. 

CNBC's Jim Cramer on Wednesday laid out expectations for a successful Threads launch from Meta. 

"It's obvious that this could be the kinder, gentler Twitter. Twitter is a cesspool. We all know it," Cramer said.

Related Link: Jim Cramer Sides With Zuckerberg Over Musk In Social Media Showdown: 'Game, Set, Match'

Following the launch, Keybanc analyst Justin Patterson maintained Meta with an Overweight rating and raised the price target from $280 to $335.

META Price Action: Meta shares closed Wednesday up nearly 3% and were up another 1.01% at $297.32 at the time of publication, according to Benzinga Pro.

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