Meta: Works Until It Doesn't; Long

After a 2Q beat-and-raise, we think META has continued upside from AI commercialization, as monetization outpaces infrastructure/talent investments. We see three key debates taking shape on a go-forward basis, and we think the bull camp has more ammo right now. We're starting META at Buy, with a $885 YE'26 target, seeing ~14% upside from here.