A bullish case for Meta argues the stock is undervalued even after its run, because analysts are lowballing how fast profits will grow.

• Markets are pricing in single-digit earnings growth for Meta over the next year, and Wall Street's longer view sits in the mid-teens.
• The counterargument: Meta can average closer to 20% earnings growth over the next four years.
• New product launches, including its AI efforts, are the reason growth should run hotter than the consensus.
• At 20% growth, the stock trades at a valuation that undercuts what a company growing that fast normally commands.

Outlook: If Meta's earnings beat the modest growth built into the price, the stock has room to keep climbing.