Snap Inc. shares are up more than 4% in Tuesday morning trading after Guggenheim analyst Michael Morris upgraded the stock to buy from neutral and set a $22 price target. "We continue to see under-appreciated core fundamental momentum at the company, particularly with difficult-to-reach younger users in the U.S. and expansion potential outside the United States," he wrote in a note to clients. Morris is upbeat about usage trends for the third quarter and sees users gravitating more toward monetizable areas of the platform, such as games and Discover content. He expects that these trends will boost the value of Snap's service in the eye of marketers. Snap shares have rocketed up 220% so far this year, while the S&P 500 has gained 20%. Read More...
Snap Inc. shares are up more than 4% in Tuesday morning trading after Guggenheim analyst Michael Morris upgraded the stock to buy from neutral and set a $22 price target. “We continue to see under-appreciated core fundamental momentum at the company, particularly with difficult-to-reach younger users in the U.S. and expansion potential outside the United States,” he wrote in a note to clients. Morris is upbeat about usage trends for the third quarter and sees users gravitating more toward monetizable areas of the platform, such as games and Discover content. He expects that these trends will boost the value of Snap’s service in the eye of marketers. Snap shares have rocketed up 220% so far this year, while the S&P 500 has gained 20%.
Add Comment