JPMorgan raises Meta stock price target to $920 on AI progress

Meta Platforms launched Meta VR Glasses, a $1,299 VR device resembling oversized sunglasses, weighing 100 grams. It features an external computing pack, dual micro-OLED displays, and a spring 2027 release. The device competes with Apple's Vision Pro, offering a lighter, cheaper alternative with overlapping features and new additions like hologram-style video calls. Meta aims for profitability in VR, according to the company.

PayPal (PYPL) partners with Meta (META) to enable purchases via Muse, Meta's AI agent, at select merchants globally. Shopify (SHOP) also integrates Muse for transactions, while Amazon (AMZN) restricts it. Muse's launch has drawn consumer interest, topping Apple's U.S. App Store rankings.

Stocks are set to open lower as Treasury yields rise to 2007 levels, driven by inflation and rate-hike concerns. Meta unveiled new AI glasses, and Costco is set to report earnings. Xi Jinping and Trump meet to discuss tariffs and other issues. Crude oil and gold prices are also moving.

Darden Restaurants fell 6.6% after Q1 results met earnings estimates but missed revenue expectations. MGM Resorts dropped 9% as Barry Diller withdrew a buyout offer. BlackBerry rose 2% after beating Q2 earnings and revenue estimates. Meta slipped 2% following a 12% weekly gain. Knife River gained 5% on activist investor interest. Everpure rose 6.7% on positive 2028 guidance. Gold miners declined with gold futures.

JPMorgan raised its price target for Meta Platforms to $920 from $820, citing strong early momentum for its Muse AI agent. Analyst Doug Anmuth maintained an overweight rating, noting potential revenue from partnerships. Meta shares were down 2% in premarket trading but up 30% over the past month.

Wall Street analysts reacted positively to Meta Platforms' Meta Connect event, focusing on its Muse AI agent. Evercore ISI maintained an Outperform rating and $860 target, suggesting Muse could drive the stock to $1,000. Raymond James raised its target to $860, citing high download rates and revenue potential. Mizuho and Citi also expressed optimism, while JPMorgan noted Muse's potential as a leading AI app.