Snap Inc (NYSE:SNAP) shares are trading higher Tuesday following positive analyst coverage from Rosenblatt.
Rosenblatt analyst Barton Crockett initiated coverage on Snap with a Buy rating and announced a $49 price target.
“Resilient user growth makes Snap uniquely investable in the social media group,” Crockett said in a note.
The Rosenblatt analyst points out that user growth has been scarce among social media companies of late, but Snap doesn’t seem to be having trouble with growth. Snap’s unique ad-friendly A/R tools that resonate with younger audiences have contributed to the company’s consistent growth, he said.
Snap grew its average global daily active users by 20% last year and expects 20% growth in the first quarter. The company is set to announce its first-quarter financial results after the market closes on Thursday.
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SNAP 52-Week Range: $24.32 – $83.34
According to data from Benzinga Pro, the stock was up 4.63% at $34.15 at time of publication.
Photo: courtesy of Snap.