Meta skylights 11% on higher price target as Muse AI climbs the App Store

Meta Platforms stock jumped about 11% after Wells Fargo raised its price target from $640 to $796, with investor optimism fueled by Muse AI downloads topping the Apple App Store and strong AI momentum. The move comes as Meta reshapes its AI strategy under CEO Mark Zuckerberg, including a revamped AI lab led by Alexandr Wang and new Muse models (Spark and assistant). Meta is prepping for the Meta Connect event to outline ongoing AI and wearables initiatives, even as its stock has underperformed peers over the past year but surged about 30% in the last three months.