Wall Street has spent much of the past year debating whether Meta’s enormous AI spending would ever pay off beyond better ads. On September 10, one of the bank’s biggest skeptics changed his answer.

JPMorgan analyst Doug Anmuth upgraded Meta Platforms and raised his price target sharply. Arguing the company’s new AI agent and frontier models open a growth path that goes well beyond the advertising business Meta has leaned on for years.

JPMorgan’s makes an upgrade on Meta stock after its Muse AI release

JPMorgan moved Meta to Overweight from Neutral and lifted its price target to $820 from $640 in a note published September 10. The new target implies roughly 25% upside from the September 9 closing…