Raymond James raised the firm’s price target on Snap to $16 from $15 and keeps an Outperform rating on the shares. Snap reported a “quality” beat for Q1 in the mid single digit range, while Q2 guidance of 15%-17% growth was also ahead of expectations, the analyst tells investors in a research note. The results support the firm’s social structural gain thesis, but looks for greater clarity in sustained double digit two-year compound annual growth rate ad growth and rising engagement driven by Stories/Spotlight unification to underwrite the $20 bull case.
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