Evercore says Meta still has runway

New bull case, same old Meta?

Mark Mahaney at Evercore is basically telling investors to keep the Meta train rolling. He called the stock a top large-cap long idea, slapped on an $820 price target, and argued that Meta still looks cheap relative to the growth story in front of it.

Why the Street is still flirting with Meta

The pitch here is pretty classic Wall Street math, but with a Meta twist:

• revenue is still growing
• ad impressions are still climbing
• the stock trades at about 17 times forward earnings

That’s the kind of setup that makes bulls start doing happy little valuation dances in their spreadsheets. If ad momentum keeps improving, the market may keep rewarding Meta for spending big on AI instead of punishing it.

The investor angle

This is not a new product launch or a flashy one-day catalyst. It’s more like a louder-than-usual vote of confidence from a well-known analyst, and those can matter when a stock already has a lot of expectations baked in.

Meta is still the same company, but the story keeps evolving: less “social media giant,” more “AI-powered ad machine with a very expensive hobby.” And if the ad business keeps humming, the valuation argument gets a lot easier to sell.

Big picture: Evercore is betting that Meta’s AI spending isn’t just a giant bill — it’s the thing that helps the company print even more cash later.