Meta Platforms has seen continued customer momentum for its new consumer artificial-intelligence agent. Wall Street believes this could be just the beginning and that there is more upside for the shares of the Facebook parent over the next three months.
Meta stock edged higher in morning trading on Thursday and was on pace to close higher for a fifth consecutive trading session. Shares have risen 10% since Sept. 8, when the company launched Muse, Meta’s personal AI agent.
Citi analyst Ronald Josey wrote Thursday that ahead of the company’s “Meta Connect” event next week he was adding an “upside 90-day catalyst watch” on Meta stock. He also reiterated a Buy rating and $800 price target on the shares.
Key to this positive catalyst momentum is Muse.
Meta Chief AI Officer Alexandr Wang posted on social-media platform X that Muse is “the biggest consumer AI launch since ChatGPT,” adding that Meta’s consumer AI agent is “getting more daily U.S. downloads than Threads, WhatsApp, and Facebook.”
Citi’s Josey said he has “been impressed with the experience” on Muse and that the downloads have been strong.
The firm, looking ahead, expects the Meta Connect event to include an update on the company’s AI product strategy. Josey added that Meta will also soon launch its advanced AI model, codenamed “Watermelon.”
“We believe META’s product roadmap is becoming clearer suggesting multiple product catalysts ahead,” Josey wrote.