Meta Platforms leads tech gains with a 7% jump following a bullish price target hike from Wells Fargo, as investors look for concrete usage metrics for the new Muse AI assistant at the upcoming Connect event.
Wells Fargo raised META price target to $796 from $640, driving shares up 7% ahead of Connect.
Alphabet rose 2% in sympathy with the sector, with no company-specific catalyst.
Microsoft held flat, reinforcing that the move is Meta-specific rather than a broad AI repricing.
Technology Select Sector SPDR ETF rose 1.72% as part of the broader sector move.
Invesco QQQ Trust rose 1.88%, reflecting a modest sector tailwind.
Meta Platforms shares surged 7% to $712.56 after Wells Fargo raised its price target from $640 to $796. The rally, driven by optimism surrounding the Muse AI assistant ahead of the Connect conference, stands out as a company-specific move while peers like Microsoft remained flat.
The primary catalyst is a price target upgrade from Wells Fargo, which moved its target for Meta from $640 to $796 ahead of the company's annual Connect developer conference.
Muse is described as a personal agent designed to perform tasks such as sending emails, booking travel, and filling out forms, rather than simply answering questions.