Shares of Meta (META) rose more than 10% in intraday trading after Wells Fargo raised its price target for the company and its Meta Muse AI agent app hit the top spot in Apple’s (AAPL) App Store. In a note to investors, Ken Gawrelski raised his price target for the company from $640 to $796. Gawrelski pointed to Meta’s recent successful AI model launches, including its latest Muse Spark offering and Muse assistant, as proof that the company “now has a story to tell” regarding its AI capabilities and services. Meta’s AI fortunes mark a sharp turnaround from last year, when the company grappled with AI model delays and questions about the billions it is spending developing its AI infrastructure. CEO Mark Zuckerberg has since rebuilt Meta’s AI lab and hired Scale.AI co-founder and CEO Alexandr Wang as Meta’s AI director. The company now offers several models within its Muse AI family. The price target change and strong performance from Muse comes ahead of Meta’s upcoming Meta Connect conference on Wednesday. Zuckerberg is scheduled to give a keynote speech outlining the company’s upcoming plans for both its AI devices and wearables. Meta stock has struggled over the past 12 months, falling about 5% versus Amazon stock (AMZN), which is up 38%, and Google stock (GOOG, GOOGL), which is up 11%. Microsoft (MSFT) has barely outperformed Meta, which is down 4%. But Meta shares have risen significantly over the past three months, rising 30%. Only Microsoft surpassed Meta, with a 35% increase. Subscribe to Yahoo Finance’s Week in Tech newsletter. · Yahoo Finance Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley. Click here for the latest tech news impacting the stock market. Read the latest financial and business news from Yahoo Finance.
