Meta Platforms (NASDAQ: META) has traded near $648 for much of 2026 despite record quarterly revenue, with second-quarter revenue of $60.8 billion, a 28% year-over-year increase, and a 31% operating margin, according to Meta’s earnings press release. At a forward price-to-earnings ratio of 19, the stock trades at a discount to the S&P 500’s approximately 22 times forward earnings. Reaching the $900 target floated by the most bullish analysts would require roughly 39% upside from current trading levels. Analyst Nowak maintains a $775 price target, expecting AI products to lift earnings now that the company’s $18 billion legal settlement has cleared, per a MarketBeat analysis, with agentic ad tools, subscriptions, and a neocloud computing business potentially lifting EPS by more than $10, roughly a 34% increase over 2025 adjusted EPS of $29.68, or as much as 43% against GAAP EPS of $23.49. CEO Mark Zuckerberg framed AI strategy as strengthening advertising while building new revenue lines. Capital expenditures reached $31.1 billion in Q2 2026, up 82% year over year, with full-year capex guidance of $130 billion to $145 billion, compressing free cash flow to $784 million from $8.55 billion a year earlier. Reality Labs posted a $4.62 billion loss in Q2