Monday, 23 October, 2017

Snap Inc. (SNAP) Earns Buy Rating from Royal Bank Of Canada

Snapchat now lets you call an Uber and make dinner reservations Snapchat Context Cards will let users Uber or Lyft to places their friends are at
Melba Vasquez | 12 October, 2017, 18:15

Seven Bridges Advisors LLC purchased a new stake in Snap in the 2nd quarter valued at about $101,000. LLC lifted its stake in Snap by 25.2% in the second quarter. Canaccord Genuity maintained Snap Inc (NYSE:SNAP) rating on Monday, May 15. Sumitomo Mitsui Asset Management Company LTD now owns 2,533,820 shares of the company's stock valued at $45,025,000 after buying an additional 2,439,725 shares during the last quarter. This is an increase of approximately 542% compared to the average volume of 5,463 put options. Snap Chat had 92 analyst reports since March 2, 2017 according to SRatingsIntel. They issued an "underperform" rating and a $28.37 target price on the stock. Morgan Stanley reduced their price objective on Snap from $16.00 to $14.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 23rd. Susquehanna Bancshares Inc initiated coverage on Snap in a research report on Friday, March 3rd. The firm has "Hold" rating given on Wednesday, October 11 by Piper Jaffray. They set a "hold" rating and a $21.00 price target on the stock. Drexel Hamilton maintained the shares of SNAP in report on Thursday, June 29 with "Buy" rating.

Among 41 analysts covering Snap Chat (NYSE:SNAP), 12 have Buy rating, 6 Sell and 23 Hold. The last closing price is down -15.68% from the 200-day moving average, compared to the Standard & Poor's 500 Index which has increased 0.03% over the same time period. (NYSE:SNAP) in a report published on Sunday. The stock's market cap is $17.17 billion. The stock of Snap Inc (NYSE:SNAP) earned "Sell" rating by Pivotal Research on Thursday, August 10.

On the conference call with analysts following the Q2 earnings results, co-founder and CEO Evan Spiegel explained the company's reasoning for its low DAUs and for not taking a more global approach. Snap's quarterly revenue was up 153.1% compared to the same quarter previous year. The business's revenue for the quarter was up 153.1% on a year-over-year basis.

"The firm's longer-term investment thesis remains predicated on the following: "(1) we believe SNAP shares at current levels are now exhibiting asymmetric risk/reward to the upside, with downside risk of ~6% in our Grey Sky scenario and upside potential of ~39% to our target, (2) it is a scarce asset that offers advertisers access to a coveted younger demographic; and (3) Snap is a margin expansion story with revenue CAGR exceeding cost of sales CAGR".

The new features come as Snapchat tries to remain relevant and fight off competition from Facebook Inc.

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