Jefferies Maintains Buy on Meta, $825 PT

Jefferies analyst Brent Thill reiterated a Buy rating and $825 price target on Meta Platforms Inc. (NASDAQ: META).

“Our team bought & tried on 3 different models of Meta’s AI glasses & came away impressed. Camera quality, seamless setup, & a normal-glasses form factor stood out.

While we see areas to improve, META has a first-mover advantage as the only player now shipping at scale.

Assuming Apple-watch-like adoption at an average selling price (ASP) of $400, we size a $14B-$18B hardware rev opportunity within the next few yrs, & see a LT growth vector not yet priced in.

Meta’s AI glasses are screen-light, voice-first wearables w/ an integrated camera & open-ear audio, all tied to the Meta AI app as the central console layer.

They enable hands free, voice-commanded AI assistance across daily tasks. We purchased 3 models: the Ray-Ban Meta Gen2 ($379), the Oakley Meta ($499), & the Ray-Ban Display w/ Neural Band ($799).

We put them to work across sports, communication, & productivity, & came away pleasantly surprised by how naturally they integrate into daily routines.

Our base-case scenario analysis implies a ~$14B-$18B hardware rev opp (~35-45M units at Apple Watch-like adoption), w/ additional upside from higher-value AI subscriptions, advertising, & commerce monetization over time.

We believe the NT impact centers on engagement & MAU expansion: Meta AI MAUs have reached ~1B, daily glasses users are tripling y/y, & 7M+ units sold in ’25 w/ EssilorLuxottica reportedly doubling production capacity to 20M in ’26.

Longer term, the bigger prize is commerce: if agentic AI shifts from browsing to delegation, AI glasses could capture user intent at the point of discovery, moving Meta closer to the transaction.”

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