Meta Platforms, Inc., engages in the development of social media applications. It builds technology that helps people connect, find communities, and grow businesses. It operates through the Family of Apps (FoA) and Reality Labs (RL) segments. The FoA segment consists of Facebook, Instagram, Messenger, WhatsApp, and other services. The RL segment includes augmented and virtual reality related consumer hardware, software, and content. 

Price Target: We have a 2025 price target of $547/share for Meta, by applying a 25x multiple to 2025's estimated EPS of $23.81. This 25x happens to be the average multiple in the previous 2 elections (2020, 2016).