Pivotal Research Believes Snap Inc (SNAP) Won’t Stop Here

Pivotal Research analyst Michael Levine CFA reiterated a Buy rating on Snap Inc (SNAP) yesterday and set a price target of $20.50. The company’s shares closed yesterday at $14.83, close to its 52-week high of $16.24.

Levine CFA observed:

“We are maintaining our Buy rating and increasing our target price from $17.25 to $20.75 as we roll forward our 12-month TP based on 9.5x EV/Sales on our above street 2021 estimates. This quarter was a strong –way stronger than we anticipated– confirmation to our view that SNAP is hitting an inflection point. They delivered a blow-out DAU adds, revenue and EBITDA beats, and had both strong EBITDA and revenue guidance.”

According to TipRanks.com, CFA is a 3-star analyst with an average return of 7.7% and a 85.7% success rate. CFA covers the Technology sector, focusing on stocks such as Trade Desk Inc, Pinterest Inc, and Alphabet Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Snap Inc with a $15.96 average price target, a 7.6% upside from current levels. In a report issued on July 9, Credit Suisse also maintained a Buy rating on the stock with a $18 price target.

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Based on Snap Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $310 million. In comparison, last year the company had a GAAP net loss of $353 million.

Based on the recent corporate insider activity of 134 insiders, corporate insider sentiment is negative on the stock.

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Snap, Inc. engages in the operation of its camera platform. It is also involved in the provision of advertising services by helping its partners in generating return on investments. Its products include Snapchat, publisher tools, and spectacles.

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