Snap Inc. SNAP shares are trading higher after Credit Suisse maintained an Outperform rating on the stock and raised its price target from $80 to $90.
Credit Suisse analyst Stephen Ju attributed the Outperform rating and price target raise to 3 key factors:
- Potential for better-than-expected DAU growth with a revamped Android app released in more geographies.
- Potential for better-than-expected ad revenue on ramping product rollouts and marketer adoption.
- Monetization optionality from increased engagement from Games, Maps, and longer term Spotlight.
Snap Inc. operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images.
Snap's stock was trading about 5% higher at $62.56 per share on Tuesday. The stock has a 52-week high of $73.59 and a 52-week low of $20.61.
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