Bernstein: Muse US DAU at 2.5 Million, Meta Near-Term Expectations Already High

Post research, Bernstein’s research note dated October 20, 2026 notes that Meta Platforms (META) is trading at $705.44 with a target price of $800, implying 13% upside; US daily active users (DAU) for Muse are approximately 2.5 million; Q3 2026 revenue is expected to reach $64.058 billion, above the consensus estimate of $63.312 billion.

Bernstein assesses that Muse marks the first time Meta can track its AI investments through a consumer product, though near-term valuations and expectations have already risen. Q3 2026 EBIT is projected at $11.338 billion, including a $10 billion legal settlement; 2027 capital expenditures are forecast at $230.5 billion, exceeding the consensus of $201.6 billion, which will place greater pressure on free cash flow (FCF). Bernstein maintains an Outperform rating and advises tracking four monetization metrics: Muse subscription numbers, gross merchandise volume (GMV), downloads, and engagement.