At the start of last month, Meta Platforms (NASDAQ:META) hit $500 per share, a major share price milestone. Meta Platforms stock is trending higher but its price performance is relatively muted. We disagree. This “Magnificent Seven” component could reach $750 per share sooner than expected.

Obviously, Meta Platforms’ AI catalyst has a lot to do with this. Yet while gen AI is poised to remain a key catalyst, don’t forget that other factors are in play, including one that may surprise you, that could really move the needle.

Why ‘AI Mania’ Isn’t Over for Meta Platforms Stock

Recently, we’ve talked about how “AI mania” is cooling down among some of META’s “Mag 7” peers. Investors have become more uncertain about the pace of future growth and valuation sustainability.

Macro-related uncertainties, such as those regarding interest rates, are also weighing on even the highest-quality of AI stocks.

But while this trend may affect the performance of some artificial intelligence winners in the immediate term, it’s not a slam dunk. This will be the case for Meta Platforms stock. A big reason for this is the fact that, arguably, META’s AI potential has yet to be fully priced into shares.

Yes, the gen AI growth trend has started to positively impact Meta’s operating performance. It’s also of course been a key factor in sending META up fourfold since early 2023.

However, as InvestorPlace’s Thomas Niel recently argued, the market continues to see AI only as something that will enhance Meta’s digital advertising-focused revenue model.

As Niel sees it, Meta’s continued efforts with its in-house large language model, Llama, could pave the way for the company to diversify into subscription-based software sales. A further move into this area could drive a continued re-rating for the stock.

Non-AI Catalysts Could Be a Shot in the Arm

Let’s say the “AI re-rating” catalyst plays out soon for Meta Platforms stock. How far could shares climb from this factor alone? At present, META trades for 25.7 times estimated 2024 earnings of around $20 per share.

Subscription software-focused AI stocks may sport mid-30s forward multiples, but we believe that, at best, this catalyst would result only in a partial re-rating. Say, a move to exactly 30 times forward earnings. This would mean a move for META from above $500, to around $600 per share.

That’s not quite $750 per share, but don’t worry. There’s more in play that could help this stock reach such heights. For one, thanks to both organic growth, plus the impact of the company’s “year of efficiency” efforts, earnings are expected to grow by nearly 16% in 2025.

Further indication Meta Platforms will meet this estimate, or better yet, beat it, could propel the stock towards the $700 per share.

If that’s not promising enough, there’s something else that could get the stock over the $750 per share mark within a year. Ironically, it all has to do with walking away from what led to this company’s 2021 name change.

Bottom Line: Still Prime Time to Buy

As Barron’s commentator Eric J. Savitz recently opined, META has rallied for many reasons. Besides AI efforts and “year of efficiency” success, factors like Meta’s growing commitment to return-of-capital efforts like dividends and share repurchases have also played a role.

In Savitz’s view, the company may have yet another needle-moving ace in the hole. That would be hitting the brakes on its continued big bet on the metaverse. Despite talk of Meta pulling back on metaverse investments, annual losses from its Reality Labs segment remain high, at $16.1 billion.

If Meta decides to truly “walk back” this big wager, the investing public would likely react bullishly to such a move.

Given there’s so much that could send Meta Platforms stock 50% higher from here, it’s still prime time to buy. Feel free to enter/add to a position.

META stock earns an A rating in Portfolio Grader.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.