Meta Surges on Raised Price Target by Wells Fargo Ahead of Connect Conference
Meta (NASDAQ:META) surged nearly 7% in early trading as investment bank Wells Fargo raised its price target for the company from $640 to $796 ahead of Meta's annual Connect developer conference. The move is attributed to positive expectations around Meta’s new AI assistant, Muse, and recent model launches. While other tech giants like Alphabet (GOOG) saw modest gains, Microsoft (MSFT) remained flat, indicating the rally was primarily driven by Meta-specific optimism rather than a broad sector-wide upswing. Wells Fargo analysts highlighted that investor attention at Connect will focus on usage metrics for Muse and updates to Meta’s latest models. The firm maintains an Overweight rating on Meta, signaling confidence in its ability to deliver results justifying the higher valuation. With Meta's Q3 earnings due October 28, market participants are closely watching whether performance aligns with these elevated expectations.
Topics: Connect conference Meta stock price movement Wells Fargo