Snap Upgraded To Outperform From Market Perform At JMP Securities
JMP Securities analyst Ronald Josey upgraded Snap (SNAP) to Outperform from Market Perform with a $20 price target.
The shares closed Thursday up 22c to $14.45.
The analyst is "incrementally confident" in Snap's ability to grow its user base, increase engagement, and improve overall monetization as the service attracts more advertisers and share of advertising budgets. Snap "is now more stable than it was when entering 2019," Josey tells investors in a research note.
Further, looking into 2020, Snap is well-positioned to continue to add daily active users and "close the monetization gap" with other major social networks as its sales force reorganization is done and it launches new advertising products, contends the analyst.
Disclosure: None.