UPDATE: Wedbush Assumes, Upgrades Snap Inc (SNAP) to Outperform
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(Updated - April 13, 2021 4:25 PM EDT)
Wedbush analyst Ygal Arounian upgraded Snap Inc (NYSE: SNAP) from Neutral to Outperform with a price target of $75.00 (from $52.00).
The analyst commented, "We assume coverage of SNAP shares with an Outperform rating and a $75 price target, as we see Snap uniquely positioned as a video-centric platform, with an augmented reality and social commerce opportunity, also centered around a younger, digitally native audience. Snap is seeing improving momentum coming out of the pandemic as its platform has gained traction with advertisers. Snap more than doubled its advertiser count year-over-year in 4Q20, reaching its highest number of advertisers to date. The strength in advertisers is an inflection point for Snap in our view as its product investments are bearing fruit, while digital advertising continues to take share of total ad dollars. We see Snap’s ad products as well positioned too, focused on video (mobile, obviously), and with augmented reality, uniquely positioned within ecommerce advertising and social commerce, at the forefront of what should be a strong growth segment of digital advertising."
Shares of Snap Inc closed at $62.44 yesterday.
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