Cowen Upgrades Snap Inc (SNAP) to Outperform Following Ad Buyer Survey
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(Updated - January 9, 2020 6:11 AM EST)
(updated to add analyst comments)
Cowen analyst John Blackledge upgraded Snap Inc (NYSE: SNAP) from Market Perform to Outperform with a price target of $20.00 (from $16.00).
The analyst commented, "Key '20 Ad Buyer Survey conclusions for SNAP: i) Rising Direct Response adoption; ii) ad buyers considering SNAP for new P13-34 branding campaigns; iii) 6% of respondents view SNAP as an emerging platform for meaningful ad spend; and iv) pricing stabilization. We extended the model to '25 & raised estimates '19E-'24E; as a result, we upgrade SNAP to Outperform, Price Target to $20 vs. $16 prior."
Shares of Snap Inc closed at $17.21 yesterday.
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