As previously reported, Morgan Stanley analyst Brian Nowak upgraded Snap to Equal Weight from Underweight with a price target of $17, up from $14.
The analyst acknowledges that in the year-to-date he has underestimated Snap's stronger execution and ability to drive growth. Multiple new products and offerings that are improving agencies and advertisers' knowledge about how to spend on Snap are leading to faster new advertiser growth and increased spend per advertiser, Nowak tells investors.
He also has growing confidence that Snap's management is "laser-focused" on reducing costs and improving efficiency, Nowak added.
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