HSBC double upgraded Snap to Buy from Reduce with a price target of $15.10, up from $10. The company reported a strong set of Q1 results, marked by return of double-digit growth, the analyst tells investors in a research note. The firm has turned positive on the outlook for Snap as its sales growth accelerates and newer products gain traction. Progress being made in Snap shifting away from being overly reliant on brand awareness advertising, contends HSBC. The firm sees a broad-based recovery in global advertising demand and pricing, and adds Snap’s direct-response ad solutions are gaining traction.
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