Wells Fargo keeps Meta at Overweight, trims its price target to $995

Wells Fargo reiterated an Overweight rating on Meta and reduced its price target to $995, according to a note summarized by Yahoo Finance on Oct. 22, 2026.

In the same update, the firm said it raised its 2027 estimates for Meta, suggesting improvements to its outlook for the company’s longer-term performance even as it cut the near-term target.

The target reduction was linked to questions about capital strategy, with Wells Fargo pointing to the timing and size of a potential capital raise rather than changing its fundamental directional view on the business.

The note also said new non-voting Class C shares are likely to be part of the company’s next capital steps, implying a structure that could affect how investors value Meta’s equity.

Non-voting Class C shares are a type of stock that can be used to raise capital while limiting or shifting voting rights compared with existing share classes. For investors, the introduction or expansion of such shares can influence both share-count expectations and perceptions of corporate control.

Meta’s disclosures around equity structure and funding plans can be consequential for market participants because they can affect dilution math and the interpretation of management’s capital priorities.

The company did not provide additional detail in the Yahoo Finance recap about when any capital raise would occur or how large it could be, leaving those assumptions to the bank’s interpretation and modeling.

For investors and analysts, the key question going forward is whether Meta’s capital raise, if pursued, arrives sooner or later than Wells Fargo expects, and whether the eventual size matches what markets have priced in.