Snap price target raised to $12 from $11 at Morgan Stanley

Morgan Stanley analyst Brian Nowak raised the firm’s price target on Snap to $12 from $11 and keeps an Underweight rating on the shares. Snap drove growth across both direct response and brand ads and advertisers saw 75% improvement in purchase conversions, notes the analyst, who stays focused on the company’s ability to deliver durable results. While Snap’s Q1 results came in above expectations and Q2 revenue guidance implies year-over-year growth about 1% above the firm’s prior estimate at the the top end, the firm sees “robust execution already priced” into the shares.