Meta (META) stock rocketed more than 11% Monday, after Wells Fargo raised its price target on the company and its Meta Muse AI agent app hit the top spot on Apple’s (AAPL) App Store.

In a note to investors, Ken Gawrelski raised his price target on the company from $640 to $796. 

Gawrelski pointed to Meta’s recent successful AI model launches, including its latest Muse Spark offering and the Muse assistant, as proof that the company “now has a story to tell” with regard to its AI capabilities and services.

Meta’s AI fortunes mark a sharp turnaround from last year, when the company was dealing with AI model delays and questions about the billions it is spending on its AI infrastructure build-out.

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