Loop Capital raised the firm’s price target on Snap to $21 from $15 and keeps a Buy rating on the shares. The firm has grown more confident in the turnaround in Snap’s advertising business, increasingly viewing the company as a gen-AI winner, the analyst tells investors in a research note. Loop added that just last week, Snap introduced several new gen-AI features to Snapchat+ member base while disclosing that paid members now exceed 7M, which the firm sees as a “notable acceleration in adoption”.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on SNAP:
- Snap upgraded to Buy from Neutral at Guggenheim
- Buy/Sell: Wall Street’s top 10 stock calls this week
- UK Prime Minister considers regulating youth social media use, Bloomberg says
- Snap price target raised to $12 from $9 at Piper SandlerMeta Platforms
- #SocialStocks: Meta and others commit to AMD’s AI chip