Momo Inc (ADR) (NASDAQ:MOMO) stock is skyrocketing as analysts issued their ratings on the company.
The social networking platform operator was given an “Outperform” rating by analysts at Credit Suisse Group AG (ADR) (NYSE:CS) with a price target of $29. Among the three firms covering Momo, the company has an average price target of $28.
The low estimate on the stock is slated to be $26, with a high estimate of $29. Shares have surged an incredible 81.82% over the last year.
MOMO stock is up 11.4% on today’s trading alone. The company last released its quarterly earnings report on June 16, earning 12 cents per share, ahead of the consensus estimate of 8 cents a share.
Wall Street predicts that the company will earn an average of 17 cents per share on the current quarter. Median revenue expectations are at exactly $130.5 million from every analyst covering the stock.
Last week, a report suggested that Momo is a company to look out for in the market for the coming weeks. Despite being ignored by many investors, the stock has potential to experience a strong gain.
Zacks has a “Buy” rating on the company, which is expected to perform solidly going forward. The earnings growth experienced by the company during the current year should eventually help boost its price.
