Snap Inc. got a Wall Street-high price target from Goldman Sachs analysts.
Goldman analyst Heath Terry raised his price target on the social media company’s shares to $70 per share (from $47) – the highest target on Wall Street. Terry maintained his buy rating on the stock.
The analyst mentioned tech innovations and product partnerships that he believes could push Snap's revenue growth beyond the Street expectations.
Terry also said that Snap's Spotlight product, new ad campaign objectives and bid types, and the Unity partnership, particularly Unity Ads' inclusion into the Snap Audience Network (SAN) could potentially propel further momentum in engagement growth as well as provide valuable scale to advertisers.