Morgan Stanley lifts META target to $820 but flags Muse's daily-user growth
Morgan Stanley reiterated its Overweight rating and raised its META price target from $775 to $820 on Oct 19, ahead of Q3 earnings. But the note warns that while Muse draws roughly 300,000 US downloads per day, 14-day retention sits around 20% and daily active users aren't scaling with downloads. The firm says Muse needs continuous product innovation to build daily habits — downloads measure interest, retention measures the business.