As previously reported, Morgan Stanley analyst Brian Nowak upgraded Snap to Overweight from Equal Weight with a price target of $80, up from $50. His new bottom-up U.S. model for core Snap, Discover, Spotlight and Maps leads Nowak to see continued engagement, revenue and EBITDA growth that is faster than expected, said the analyst, who adds that he expects more color on the company’s monetization plans for all of these products to be shared at the company’s first investor day coming up on February 23. In addition, he notes that his new $80 target only incorporates higher monetization from these products in the U.S, but his $105 bull case target also incorporates higher global monetization.
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