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