Shares of Snap Inc. are up 1.3% in Friday morning trading after Bank of America Merrill Lunch analyst Justin Post upgraded the stock to buy from neutral. He said that Wall Street "appears to be concerned on high 3Q [daily-active-user] growth expectations" but that he's less concerned given his projection for strong international Android downloads and better engagement with Discover content on the platform. With the launch of eight new Snap shows this fall, Post has increased conviction that Snap will be able to boost its average revenue per user as it benefits from the secular shift of TV ad dollars to online platforms. Post has an $18 price objective on the stock, which has climbed 154% so far this year as the S&P 500 has increased 20%. Read More...
Shares of Snap Inc. are up 1.3% in Friday morning trading after Bank of America Merrill Lunch analyst Justin Post upgraded the stock to buy from neutral. He said that Wall Street “appears to be concerned on high 3Q [daily-active-user] growth expectations” but that he’s less concerned given his projection for strong international Android downloads and better engagement with Discover content on the platform. With the launch of eight new Snap shows this fall, Post has increased conviction that Snap will be able to boost its average revenue per user as it benefits from the secular shift of TV ad dollars to online platforms. Post has an $18 price objective on the stock, which has climbed 154% so far this year as the S&P 500 has increased 20%.
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