Shares of Meta Platforms, Inc. (NASDAQ: META) surged more than 11% on Monday, driven by sustained market enthusiasm for its AI agent product Muse. The stock is poised to close at its highest level since January.

Evercore ISI highlighted that Muse has climbed to the top of the free apps chart on Apple's App Store, noting that this signals "Meta has a breakout product on its hands." The firm cautioned that it is still early to draw firm conclusions, but Muse could serve as a catalyst to push Meta into a new product cycle, potentially supporting a forward price-to-earnings multiple of 25 times, based on 2027 earnings estimates of $810 per share, or even 30 times, implying a share price of $975.

"This closely mirrors the momentum seen at Alphabet following the successful launch of Gemini 3 last year," Evercore added. The firm maintains an "Outperform" rating on Meta with a price target of $860. Meta is set to hold its Connect developer conference later this week.