Meta Stock Surges as Wells Fargo Raises Target to $796 Amid AI Gains

Meta's stock price surged by over 10% in intraday trading as Wells Fargo raised its target to $796, citing recent launches of AI products. The company's Muse AI agent app topped Apple's US App Store, according to a report.

The revised target was set by analyst Ken Gawrelski, who pointed to the availability of new products such as Muse Spark and the Muse assistant as evidence that Meta has made progress in bringing AI capabilities and services to market.

Gawrelski's assessment follows last year's delays and questions over Meta's infrastructure spending. CEO Mark Zuckerberg rebuilt the company's AI lab, and its recent launches form the basis of Wells Fargo's revised view.

The report does not specify which country's App Store chart Muse topped or how long it held the leading position. However, the ranking establishes a chart position without supplying a measure of sustained usage or revenue.