Snap Inc (SNAP) PT Raised to 'Street High' $50 at Rosenblatt

Rosenblatt analyst Mark Zgutowicz raised the price target on Snap Inc (NYSE: SNAP) to a "Street High" $50.00 (from $35.00) while maintaining a Buy rating following results.

The analyst commented, "While DR has been the saving grace for most if not all ad platforms throughout the pandemic, brands may have just delivered the vaccine (at least to Snap). One only has to connect the dots between Snap's pre-Covid Jan/Feb +60% y/y brand-induced revenue growth and its Aug/Sep (same) implied growth to see the brands are back. With what appears to be a brand inflection and subsequent premium-priced led revenue acceleration, we raise our revenue forecast substantially and DCF-based price target from $35 to $50."

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