Goldman Sachs analyst Heath Terry upgraded Snap (SNAP) to Buy from Neutral and raised his price target for the shares to $18 from $13.
The stock closed Thursday up 31c to $15.57.
The company's new Android app, the launch of Snap Games and new viral lenses should accelerator user growth, Terry tells investors in a research note. He points out that Snap's total app downloads for May, the first month reflecting these recent innovations, was a record 41M.
This represents a "stark reversal" of what were otherwise multi-year lows in app downloads that the platform experienced through most of 2018 and early 2019, says the analyst.
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