Meta Platforms' (META) Muse personal AI agent received positive investor feedback, but the company's weak trust score could limit its adoption by consumers, Oppenheimer said in a note Wednesday.

The investment firm said it believes not enough consumers would be willing to pay for Muse and that paying users already subscribe to Gemini or ChatGPT. Muse is not as useful without full password sharing for e-commerce and online services, but not enough consumers trust Meta with passwords, according to the note.

Citing its US consumer survey, Oppenheimer said only 8% of the respondents said they would trust Meta with passwords, compared with 30%, 23%, and 16% for Google, Apple and ChatGPT, respectively.

Justifying the 20% earnings per share upside requires approximately $22 billion in incremental operating income, or $27.5 billion AI agent revenue assuming an 80% incremental margin, the investment firm said. At $20 per month, Meta would need 115 million paying subscribers for Muse, compared with 33 million to 88 million for ChatGPT, the firm added.

Oppenheimer reiterated its perform rating on Meta Platforms.

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