Core Strong Now; More Call Options "Soon"

Research evidence excerpt

Core Strong Now; More Call Options "Soon"

Idea

July 30, 2026 04:42 AM GMT

Morgan Stanley & Co. LLCMMeta Platforms Inc | North America Brian Nowak, CFA

Equity Analyst

Core Strong Now; More Call Brian.Nowak@morganstanley.comGregory Gao +1 212 761-3365

Research Associate

Greg.Gao@morganstanley.com +1 212 296-3125

Options "Soon" Nikhil Javeri

Nikhil.Javeri1@morganstanley.com +1 212 761-3742

META's core reach/engagement continue to expand… the moats Matthew Cost

and launch pad for more products to come. META also detailed Equity Analyst

Matthew.Cost@morganstanley.com +1 212 761-7252

new products that we see adding $9+ to '28 EPS. META remains Julian Herrera

Top Pick as ests nudge higher; look for further product scaling in ResearchJulian.Herrera@morganstanley.comAssociate +1 212 761-1784

2H:26, with META potentially at 14X '28 EPS. Kavya A Narayanan

META’s Core Social Moat Is Strong, Improving and the Long-term Enabler… Kavya.Narayanan@morganstanley.com +1 212 761-4183

META’s core leading social platform continues to become stronger, with 3.6bn daily Meta Platforms Inc (META.O, META US)

active users across Family of Apps and 2bn DAUs on Instagram. Engagement trends Top Pick

and META's ability to serve more relevant organic and paid content are only Internet | United States of America

improving. The $64bn top end of 3Q revenue guide implies 26% y/y growth on an ex Stock Rating Overweight

FX basis, which is an acceleration on a two-year stacked basis (51% in 3Q vs 48% in Industry View Attractive

Price target $775.00

2Q)… and was better than we expected. This reach, engagement and monetization Shr price, close (Jul 29, 2026) $585.61

moat is deepening too as META analyzes more of its data in more analytical Mkt cap, curr (mm) $1,831,140

52-Week Range $796.25-520.26