Snap Inc (SNAP) PT Raised to $95 at Stifel
Stifel analyst John Egbert raised the price target on Snap Inc (NYSE: SNAP) to $95.00 (from $84.00) while maintaining a Buy rating.
The analyst commented, "Snap topped Street 2Q:21 revenue forecasts by over 16% and comfortably beat expectations across DAU and all other key metrics amid broad-based advertising strength and healthy engagement trends. Snap guided well above top-line expectations for 3Q despite the late 2Q rollout of Apple's iOS 14.5 update (and gradual consumer adoption following the release) pushing anticipated headwinds from 2Q into 3Q; however, management believes some disruption could occur if advertisers pull back on spend as they test the efficacy of various channels. However, we believe Snap's impressive momentum in 2Q suggests the company's goal of achieving +50% y/y revenue growth or better over the next several years is attainable given the company's long runway for ARPU within established screens and relatively untapped growth from Snap Minis, Maps, Games, and Spotlight. We reiterate our Buy rating and raise our target price to $95 on SNAP shares."