Meta Platforms shares climbed 13 per cent this week to close Friday at US$751.66, nudging the company toward a US$2 trillion market capitalization. The advance built on momentum from the September 8 release of its Muse artificial intelligence agent, and TD Cowen analyst John Blackledge raised his price target to US$865 from US$750 after a Wednesday event showcasing new devices tied to Muse. Blackledge said the agent has topped Apple’s App Store rankings since launch. The week ended with a pullback after a New Mexico court ruled Meta violated state laws over the use of Facebook data in the Cambridge Analytica affair, Bloomberg reported. The 12-month consensus target across 62 analysts sits at US$787.68.
Meta's Muse moment
The Muse rollout has given Meta a fresh narrative. Blackledge’s target hike reflects confidence that the agent can become a durable interface layer, but the Cambridge Analytica ruling is a reminder that regulatory overhangs from the 2010s still surface without warning. The stock’s ability to hold most of the week’s gain suggests the market is weighting product cycle over legal tail risk for now.
Shopify hitches a ride
Shopify rose 13 per cent on the S&P/TSX Composite, finishing among the week’s top gainers at $201.20 after chief executive Tobias Lütke announced a partnership with Muse. Stifel managing director J. Parker Lane wrote on September 22 that opening checkout to agent-initiated purchases positions Shopify as a key rail across its merchant base. Stifel’s target is $253.27.
Utilities absorb the yield shock
CIBC Capital Markets flagged multi-decade highs in longer-term U.S. and Canadian bond yields as a structural headwind for utilities in a September 21 note. Analysts led by Mark Javi noted the U.S. 10-year yield has historically been one of the strongest predictors of utility underperformance. The S&P/TSX utilities sub-index has fallen a little more than 11 per cent since July of last year. Rising oil prices are also pulling capital toward energy and away from defensive sectors. CIBC cut price targets across its Canadian utility coverage, lowering Emera to $72 from $76; shares closed at $67.48. The firm sees modest earnings-per-share upside for Atco, Hydro One and Canadian Utilities from regulated rate resets in Alberta and Ontario, but notes the group still trades at a 27-per-cent premium to the broad composite.
A REIT suspends its payout
Slate Grocery REIT dropped nearly 35 per cent after management suspended its cash distribution in what TD Cowen analyst Sam Damiani called an unexpected turn. The trust yielded eight per cent at the September 23 close. Damiani linked the move to the steepening government bond curve, with 66 per cent of Slate’s debt maturing through 2028. CIBC estimates refinancing at current rates would add $14 million in costs between 2026 and 2028. A strategic review is underway.