Snap upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Snap to Equal Weight from Underweight with a price target of $16, up from $12. The firm’s latest advertiser/agency conversations speak to improvements in Snap’s ad business, including 7.0 attribution tools and an increase in advertiser willingness to test direct response offerings more broadly, the analyst tells investors. The firm, which also believes there is an improved app install offering coming for further growth, raised its Snap FY24 and FY25 revenue estimate by about 2% each and its EBITDA forecasts by about 8% and 6%, respectively.