Snap shares got a rating upgrade from MoffettNathanson analysts.
The analysts boosted their rating for the social-media company’s stock to buy from neutral. They also raised their share-price target to $57 from $39. According to the analysts, the Snap results are likely to surprise on the upside – the analysts are 15% above consensus 2024 revenue and 30% above consensus 2024 non-GAAP operating income.
The analysts said that their upgrade is based on current macroeconomic conditions supportive of “elevated valuations for high growth stocks”. They also mentioned further upside potential for Snap due to e-commerce and small- and medium-sized business marketer tailwinds driving the broader online advertising sector.