Snap stock price forecast: Jefferies sees another 23% upside

November 30, 2023 09:28 AM PST | By Invezz
Follow us on Google News:

Snap Inc (NYSE: SNAP) has rallied over 50% since late September but a Jefferies analyst continues to still see meaningful upside in the social media stock.

Snap stock has upside to $16

On Thursday, James Heaney upgraded the company behind the popular camera app to “buy” and said its shares could climb further to $16 which suggests another 23% upside on their previous close.

The analyst is bullish on Snap stock as he’s convinced that the worst is behind it. He also sees a “pathway back to revenue growth over the next three to five years”. Watch here:

Last month, Snap reported a surprise adjusted profit for its fiscal Q3.

The New York listed firm came in ahead of Street estimates for revenue and global daily active users in its recently concluded quarter as well.

Snap could partner with other retailers as well

James Heaney recommends investing in the California-based company also because it has recently snagged a social shopping deal with Inc that he’s confident will help with revenue growth.

The Jefferies analyst expects Snap to sees its revenue jump 15% year-on-year in fiscal 2024 partially on continued strength of its premium subscription.

Doubling down on its brand advertising products and partnering with other retailers will be a potential tailwind for the Snap stock as well, he added.

Heaney also upgraded Pinterest Inc to “buy” this morning and raised his price target on the tech stock to $41 that translates to about a 20% upside from here.  

The post Snap stock price forecast: Jefferies sees another 23% upside appeared first on Invezz


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies