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KeyBanc’s Justin Patterson says Meta’s price-to-earnings multiple has already reset to historical levels, so the next leg of the rally depends on earnings revisions rather than multiple expansion. On air he pointed to app downloads and new connectors as the mechanisms that must drive revenue upgrades toward his 2028 earnings per share target of about $40.50, and he compared Meta’s current playbook to Alphabet’s path over the last year, including navigating a Department of Justice trial.