Investing.com -- Wall Street's skepticism regarding Meta Platforms Inc's (NASDAQ:META) massive artificial intelligence spending may be overlooking the company's expanding competitive moats, according to Morgan Stanley analyst Brian Nowak. In a recent research note, Nowak reiterated Meta's "top pick" status and maintained a $775 price target, representing roughly 30% upside from current levels. Investor sentiment has lagged behind other megacap technology peers due to limited visibility into the