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