Can someone explain the purpose of 'price targets' by experts?

Can someone explain the purpose of price targets by the experts in publications and news? For example, expert XYZ of some highly-regarded publication sets a PT of $500 for a stock that is currently $300. By that logic, shouldn't that publication and everyone and their mother go all-in on that stock? Are these price targets simply a ploy to drive retail interest? Are they actually rooted in solid fundamentals and rational logic? Why do people hold so much weight on the price targets that are being published? Edit: Appreciate everyone's input. I felt like I was being a cynic but sounds like my assumptions were warranted that it's all theater!