"Meta has handily outperformed our coverage universe at large in 2024 and posted the best performance within our megacap group. Despite the stock's sharp rise, Meta's valuation remains reasonable in our view."
"Much of the capital expenditure is going toward data centers to power the Facebook parent's AI ambitions. Despite Meta's big CapEx investments in 2024, we are modeling strong free cash flow of $48.1 billion and a rich free cash flow margin of 29.4%."
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