JPMorgan Raises Meta Price Target to $940

JPMorgan analyst Doug Anmuth raised the price target on Meta Platforms Inc.

(NASDAQ: META) to $940 (from $920) while maintaining an Overweight rating.

“Meta delivered solid 3Q results with upside across revenue (+26% Y/Y), operating income (~$23B & 35.4% margin ex the litigation legal charge), and EPS ($7.40 ex the charge).

The 4Q revenue outlook of $73B-$76B was also $1B above our expectation at the high end as the core advertising business continues to show strong growth, backed by AI ad improvements and video.

Importantly, this was the first quarter where MSL investments and Meta’s vision for personal superintelligence were met w/early product momentum across Muse Wonder, the Muse AI agent, and enterprise opportunities in Meta Model API & Muse Code.

Muse is off to a strong start, w/10M people signed up in the US & Canada, w/25% of those visiting daily.

Shopping & travel are frequent use cases, & current users (early adopters) are high ARPU users across the Family of Apps.

We’re encouraged by healthy early engagement & retention, & note that more than 500M businesses use Meta products, creating a distribution pipeline for agentic adoption, & ultimately monetization.

Meta expects to monetize Muse primarily through a take-rate or outcome-based model, w/heavy users also paying for subscriptions.

Given that Muse is compute-intensive & the revenue opportunity quite large, Meta indicated that it will work toward monetization sooner than it typically has w/other new products.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.