Snap Inc (SNAP) PT Raised to $88 at Oppenheimer

July 23, 2021 9:43 AM EDT
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Price: $73.40 +2.33%

Rating Summary:
    40 Buy, 14 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 6 | New: 45
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Oppenheimer analyst Jason Helfstein raised the price target on Snap Inc (NYSE: SNAP) to $88.00 (from $82.00) while maintaining an Outperform rating.

The analyst commented, "Increasing target to $88 (was $82) as 2Q21 results reflected continued improvements in platform monetization, with average eCPMs +122% y/y, driving revenue +116%, or 67% on 2-year avg. vs. 55% in 1Q. High-yielding performance products drove Global ARPU +76% y/y, with dynamic ads 2x. Overall platform usage grew y/y, despite difficult COVID-19 comps. Spotlight engagement growth impressive, as DAUs/ Daily time spent +49%/60% q/q, with mgmt. beginning to test Spotlight Ads. AR shopping ads gaining advertiser interest, but not at scale. Gross margins expanded ~900bps y/y, even with incremental $76M in Spotlight context costs, highlighting significant cloud infrastructure efficiencies. Third-quarter revenue guidance +59% appears conservative, as mgmt. assuming incremental IDFA impact, following delayed start. Target assumes 17x '23E revenue discounted at 7%."



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