Snap Inc (SNAP) Partnership Summit Announcements Drive Shares 6% Higher - Piper Sandler

Piper Sandler analyst Thomas Champion reiterated an Overweight rating and $83.00 price target on Snap Inc (NYSE: SNAP) after attending the company's Partner Summit where partnerships with Disney, Unity, and YouTube were announced. New E-commerce tools were also announced with new APIs allowing brands to import 3D product inventory in real-time to lenses, from which users can purchase items directly. With Disney, Snap users will be able to interact with AR content in real-time when visiting Walt Disney World Resorts. Unity game developers can also utilize Snap's Bitmoji allowing developers to incorporate Snap's Bitmoji Kit directly into their own games.

The analyst stated "CEO Spiegel and CTO Murphy have a long-term vision for the app on which they continue to execute. We are impressed by their technical abilities in AR and ML, areas which advertisers will increasingly look to utilize. The opportunity in India is also interesting, with DAUs growing 100%+ y/y for the fifth quarter in a row. We come away from the Partner Summit impressed by Snap's ability to roll out new products, and it remains our top pick in Social."

For an analyst ratings summary and ratings history on Snap Inc click here. For more ratings news on Snap Inc click here.

Shares of Snap Inc closed at $57.07 yesterday.

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