Citi raised the firm’s price target on Snap to $16 from $14 and keeps a Neutral rating on the shares. The company reported better than expected Q1 results with total revenue up 21% year-over-year driven by engagement growth, greater advertising demand, and adoption of Snapchat+, the analyst tells investors in a research note. The firm is encouraged with Snap’s 16% year-over-year advertising revenue growth.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SNAP:
- SNAP Earnings: Shares Vault 27% Higher after Surprisingly Strong Quarter
- Options Volatility and Implied Earnings Moves Today, April 25, 2024
- Meta, Google to benefit from TikTok ban, Washington Post reports
- #SocialStocks: TikTok to challenge enactment of U.S. ban
- TikTok says ‘unconstitutional law is a TikTok ban,’ will challenge in court
