$SNAP was upgraded this morning by Guggenheim analyst Michael Morris to Buy from Neutral with a price target of $22. Morris states, “the company is well positioned to outperform the Internet and Media space through year end and provide an investor return of nearly 30% over the next 12 months, Morris tells investors in a research note. He believes the combination of “strong” usage trends, “industry-leading” access to 18-34 year-old users, and platform improvements should drive growth in Snap’s advertiser demand. Further, the analyst says Snap’s long-term revenue potential is the most underappreciated in his coverage universe. This should support a sustained premium valuation multiple, argues Morris.”
We’ve successfully traded this stock all year playing dips and selling rips. From nominating this as my stock of the year when the stock was trading near $5, we caught a quick double to start the year. The stock probably sees $20 before year end, but I am out with profits once again with today’s action. I will be on the lookout for another dip to buy.
$SNAP has been a great trading vehicle this year!
