Snap Gets Upgrade, Other Internet Stocks Boosted By Analyst Comparing Them To Software Firms

Snap Gets Upgrade, Other Internet Stocks Boosted By Analyst Comparing Them To Software Firms
Guggenheim Securities analyst Michael Morris has boosted his 12-month price targets for six internet companies he covers, upgraded Snap Inc. and initiated coverage of Pinterest with a buy rating.

In a report summarizing the sweeping adjustments Monday, Morris cited an effort to shift analysis of the companies to bring it more in line with that of software companies, a group led by Microsoft.

Snapchat parent Snap Inc. earned an upgrade from “neutral” to “buy,” with its price target rising to $28 from $22. Pinterest starts off as a “buy,” with a price target of $48. Facebook, Google parent Alphabet, Roku, Netflix, Spotify and Twitter all saw their targets upped.

The revised target prices represent a premium of 9% to 30% over current valuations. Shares in Roku, rated “neutral” by Morris, are projected to be at $173 in 12 months, which would be a 5% drop from today’s levels.

The revised targets were developed after comparing them to
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