Drexel Hamilton Weighs in on Snap Inc (SNAP) as Custom Geofilter Creation Added to Snapchat App
Snap Inc (NYSE:SNAP) has recently added its geofilter creation tools to its main app so you can design and buy a filter without ever closing the app. Previously, you could only make filters on Snapchat’s website.
Drexel Hamilton analyst Brian White commented, “We have previously created a Custom Geofilter on Snap’s website and we believe the ability to do this right inside the Snapchat app will increase the use of this very cool feature. Snap receives tens of thousands of Geofilter design submissions each day.”
“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 added.
As such, White reiterates a Buy rating on Snap shares, with a price target of $30, which implies an upside of 66% from current levels.
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% and a 62.5% success rate. White has a -6.3% average return when recommending SNAP, and is ranked #177 out of 4600 analysts.
Out of the 38 analysts polled by TipRanks (in the past 12 months), 12 rate Snap stock a Buy, 19 rate the stock a Hold and 7 recommend to Sell. With a return potential of 19%, the stock’s consensus target price stands at $21.44.