Institution reiterates Strong Buy rating on Meta, bullish on the company's fundamentals.

Raymond James reiterates Strong Buy rating on Meta, maintaining a price target of $860. The stock is currently quoted at $705.44. The firm noted that Meta will report earnings earlier than other major cloud providers. Since the end of August, the stock has gained more than 20% cumulatively, while the S&P 500 rose only 0.3% over the same period, and market expectations for this earnings report have already been raised quite high. Raymond James said advertising channel survey feedback is positive, and the market still underestimates the return on investment generated by its advertising system; AI training-related survey results for Meta's newly restructured superintelligence training cluster are likewise optimistic. The firm believes overall expectations ahead of the earnings report are fairly neutral, and consensus estimates for forward costs and capital expenditures are too low. The company's fundamentals remain solid, with a gross margin of 81.75% over the past twelve months and revenue growth of 27.65%.