Guggenheim analyst Michael Morris upgraded Snap Inc (NYSE: SNAP) from Neutral to Buy with a price target of $22.00.

The analyst comments "We believe SNAP is well positioned to outperform our Internet and Media coverage universe through year end and provide an investor return of nearly 30% over the next 12 months. The combination of strong usage trends, industry-leading access to 18-34 year-old users and platform improvements should drive growth in advertiser demand. We see long-term revenue potential at SNAP as the most under-appreciated in our universe which should support a sustained premium valuation multiple."

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Shares of Snap Inc closed at $17.12 yesterday.