Drexel Hamilton analyst Brian White was out pounding the table on shares of Snap Inc (NYSE:SNAP) Monday, reiterating a Buy rating and price target of $30, which implies an upside of 95% from current levels.
White wrote, “A macabre sentiment has taken hold of Snap in recent weeks; however, this has not stopped the company from innovating and maintaining the authenticity that millennials have come to appreciate from Snapchat. Despite a never ending news flow of gloom and doom circling Snap, the company continues to forge ahead with new innovations, original shows and partnerships.”
“With market fears running rampant around Snap’s DAU growth, the lockup expirations this summer and increased competition from Facebook, sentiment around Snap remains at ghastly levels and we believe a buying opportunity for investors that can look out twelve months,” the analyst concluded.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a yearly average return of 11.0% and a 64% success rate. White has a -7.1% average return when recommending SNAP, and is ranked #178 out of 4599 analysts.
Out of the 29 analysts polled by TipRanks (in the past 3 months), 11 rate Snap stock a Buy, 14 rate the stock a Hold and 4 recommend to Sell. With a return potential of nearly 36%, the stock’s consensus target price stands at $20.85.