Why Snap Shares Are Trending Higher Monday
Portfolio Pulse from Erica Kollmann
Snap Inc. (NYSE:SNAP) shares are trending higher after Guggenheim upgraded the stock from Neutral to Buy and raised the price target from $9 to $23. The upgrade was based on the growth of Snapchat+ and stable demand from its core user base. Snap CEO Evan Spiegel's 2024 outlook memo set a goal of $500 million in non-advertising revenue. Wells Fargo also upgraded Snap last week, and the stock has set a new 52-week high. Snap is trending among retail investors and is trading above its 50-day moving average, with a significant portion of shares sold short.
December 18, 2023 | 5:13 pm
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POSITIVE IMPACT
Snap Inc. received an upgrade from Guggenheim from Neutral to Buy with a new price target of $23, indicating a positive outlook on the company's growth and user base stability.
The upgrade by Guggenheim, along with the recent upgrade by Wells Fargo, suggests strong analyst confidence in Snap's growth prospects, particularly with Snapchat+ and the CEO's revenue goals. This positive sentiment is likely to influence investor perception and could lead to a short-term increase in stock price, especially given the stock's recent performance and interest from retail investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100