Morgan Stanley Maintains Overweight on Meta, $775 PT

Morgan Stanley analyst Brian Nowak reiterated an Overweight rating and $775 price target on Meta Platforms Inc.

(NASDAQ: META)

“Muse Ecosystem Continues Developing With New Large Retail Partner Integrations…META announced several new Muse partnerships with retailers, including Walmart, Best Buy, Dick’s Sporting Goods, Gap, and others.

Meta’s ability to continue to extend these Connectors is important as a way to remove friction in the user shopping and purchase process…and ultimately unlock what we believe is a $30tn consumer agentic spending TAM.

While terms are unclear, we would expect transaction commission rates on these deals (and previously recent partnerships with players like EXPE and CART) to be de minimis now as META focuses on building and scaling the ecosystem of users, engagement, and commercial behavior…to be monetized over the long-term.

Data sharing, merchant of record status, integration of loyalty programs, retail media and other partner terms (upsell, cross-sell, etc.) are less clear and will have to be monitored partner by partner.

Strategically, we would argue that keeping commissions low will put pressure on future competitor agents (from GOOGL and private companies) to match similar terms.

Lastly, we see WMT’s joining with META as another reason why AMZN is likely to follow suit and join once they agree on terms (in order to avoid long-term share loss if Muse does gain shopping traction).

But as detailed in The Morgan Stanley Agentic Playbook (18 Sep 2026), AMZN has leverage as well with its strong 5 I’s.”

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