Snap Rallies (SNAP) 7.6% as Analyst Raises Price Target

Snap Inc. (NYSE:SNAP) is one of These 10 Stocks Went Bulletproof.

Snap Inc., operator of Snapchat, jumped by 7.59 percent on Tuesday to close at $9.35 apiece as investors scooped up shares following a higher price target from an investment firm.

In its market note on Tuesday, Wells Fargo raised its price target for the company to $11 from $8 previously, while maintaining an “equal weight” rating on its stock. The price target marked a 17.6 percent upside from its latest closing price.

The adjustment reflected Snap Inc.’s (NYSE:SNAP) revenue growth forecast for the quarter, having raised it to 13 percent from 6 percent previously.

Snap Rallies (SNAP) 7.6% as Analyst Raises Price Target

A young adult family using a Camera to record moments of their daily life.

Wells Fargo, for its part, expects Snap Inc. (NYSE:SNAP) to register $165 million in subscription revenues for the second quarter of the year, with direct response advertising growing 13 percent year-on-year.

Additionally, it targets Snap Inc. (NYSE:SNAP) to deliver $76 million in EBITDA, and third-quarter revenue guidance of $1.54 billion to $1.58 billion, or a 12-15 percent year-on-year growth.

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Disclosure: None. This article is originally published at Insider Monkey.