1、North America Equity Research18 September 2025J P M O R G A NMeta Platforms IncGlasses Move a Step Closer to the Next Form Factor of Computing;Reiterate Overweight&$875 PTOverweightMETA,META USPrice(17 Sep 25):$775.72Price Target(Dec-26):$875.00Internet-Large Cap/Mid&Small CapDoug Anmuth AC(1-212)62

2、2-Bryan M.Smilek(1-212)622-Margaret Hoffman(1-212)622-J.P.Morgan Securities LLCQuarterly Forecasts(FYE Dec)Adj.EPS ($)2024A2025E2026EQ15.677.17AQ26.248.11AQ36.998.82Q48.8010.19FY27.6134.2737.04Style ExposureMETA Connect showcased progress across the companys AI ambitions and we remain bullish on the

3、 business opportunity set for AI including ads,engagement,business messaging,MetaAI,&AI devices.This years keynote from CEO Mark Zuckerberg highlighted METAs 10+year investment cycle across AI glasses.Demand for AI Glasses remains strong,with millions of Ray-Ban Meta units sold,&META views AI Glasse

4、s as the ideal form factor for the future of computing as META combines AI,VR,&the Metaverse to enable personal superintelligence universally.Key product announcements include:1)Meta Ray-Ban Display,the first AI Glasses combining a neural interface&AI;2)Next Generation Meta Ray-Ban AI Glasses w/impr

5、oved battery life&AI enhancements(Conversation Focus,Live AI,expanded Live Translations);3)Oakley Meta Vanguard,which are Performance AI glasses designed for high-intensity sports;&4)Horizon Studio,Engine,&TV entertainment hub.Meta Connect showcased METAs ambitions and progress toward shaping comput

6、ings next form factor,while also serving as a reminder of the many tens of billions of dollars that META has invested into AI&the Metaverse.However,as weve discussed many times in the past,Meta continues to earn the right to spend on future growth with strong core advertising performance.We continue