Stifel Nicolaus analyst John Egbert reiterated a Buy rating on Snap Inc (SNAP) today and set a price target of $19. The company’s shares closed last Monday at $15.93.
“We maintain our Buy rating and $19 Target Price on SNAP shares. Audience tracker suggests a relatively steady user base in the U.S. and abroad: Based on recently released Snap Ad reach estimates for August, it appears U.S. / global DAUs are still tracking ahead of our sequential DAU forecasts for 3Q:19 (on pace for +4.0mm to +5.0mm globally vs. our +3mm 3Q forecast and Snap’s guidance for +2.0mm to +4.0mm for the full quarter), absent any meaningful changes in daily engagement / usage patterns outside of the top 10 advertising markets, although aggregate reach across the markets we track was down slightly m/m. As we discussed in the July report, we believe September is the seasonally strongest month for sequential DAU growth during 3Q as students are back in school, whereas usage is generally weaker during July and August due to summer vacations.”
According to TipRanks.com, Egbert is a 4-star analyst with an average return of 16.0% and a 42.0% success rate. Egbert covers the Technology sector, focusing on stocks such as Tencent Music Entertainment Group, Spotify Technology SA, and Yelp Inc.
Currently, the analyst consensus on Snap Inc is a Moderate Buy with an average price target of $17.15, implying a 7.7% upside from current levels. In a report released yesterday, Evercore ISI also upgraded the stock to Buy with a $20 price target.
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The company has a one-year high of $18.36 and a one-year low of $4.82. Currently, Snap Inc has an average volume of 28.6M.
Based on the recent corporate insider activity of 133 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNAP in relation to earlier this year.
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Snap, Inc. engages in the operation of its camera platform. Its products include Snapchat, using the camera and editing tools to take and share Snaps, Friends Page, which lets users create and use Stories, Groups, Video and Chat, Discover for searching and surfacing relevant Stories, Snap Map, which shows friends, Stories and Snaps near the user, Memories, for saving personal collections, and Spectacles, wearable sunglasses capable of taking Snaps and interacting directly with the Snapchat application. The company’s primary source of revenue is advertising. Snap was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C. Murphy in 2010 and is headquartered in Santa Monica, CA.
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