Snap (NYSE:SNAP) stock is getting a boost on Thursday after analysts at Jefferies offered updated coverage of the social media company.
Jefferies analyst James Heaney upgraded shares of SNAP stock from a “hold” rating to a “buy” rating today. That’s better than the analyst consensus rating of hold for the company’s shares.
To go along with that upgrade, the Jefferies analyst also increased his price target for the company’s shares from $12 apiece to $16. That’s a potential 23.3% upside over the prior closing price for SNAP stock. It’s also bullish compared to the analyst consensus price prediction of $10.65 per share.
Why the Bullish Stance on SNAP Stock?
Here’s what Heaney said about Snap in a note to clients obtained by MarketWatch:
“[T]he rebuild of the [direct-response] ad platform had a temporarily negative impact on large advertisers that is already reversing […] We believe the decision to enable on-platform checkout with [Amazon] is a sign that [Snap] is deepening its integrations with large advertisers to encourage more ad spend.”
SNAP stock is up 6.5% as of Thursday morning with over 23.4 million shares changing hands. For comparison, its daily average trading volume is about 23 million shares.
Investors who are seeking out even more of the most recent stock market stories for today will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
