Jefferies Group LLC Reaffirms "Buy" Rating for Snap Inc (SNAP)

Francis Harris
May 17, 2017

According to an update released by analysts at Deutsche Bank the broker has now set a "Buy" rating on shares of Snap Chat (NYSE:SNAP) with a price target of 23. They issued a buy rating and a $30.00 price objective for the company.

Reuters report further suggested that despite having hottest technology IPO, the social media business's lack of profitability, diminishing user growth, and high valuation has listed it as a controversial stock on Wall Street. Summit Redstone started coverage on Snap in a research report on Monday, March 27th. They issued a "sell" rating and a $17.00 price target for the company.

Leading investment firms Fidelity and BlackRock Inc BLK.N owned Snap shares at the end of March, regulatory filings showed, providing a fresh vote of confidence for the Snapchat parent company. They set a "neutral" rating for the company. Atlantic Securities initiated coverage on Snap in a research note on Tuesday, February 21st. Eight analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company's stock. Snap now has an average rating of "Hold" and an average price target of $21.93. The stock's 50-day moving average is $167.84 and its 200-day moving average is $169.36.

Snap shares closed 8.36 percent higher in their best day since March 3, when the stock jumped 11 percent on its second day as a public company.

Snap-on Company Profile Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, fix information and systems solutions.

Snap (NYSE:SNAP) last announced its earnings results on Wednesday, May 10th.

The company reported $2.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $2.34 by $0.05. The company had revenue of $149.60 million during the quarter, compared to analyst estimates of $158.32 million. The company's revenue for the quarter was up 285.6% compared to the same quarter previous year. Equities analysts predict that Snap will post ($0.54) earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Paloma Partners Management Co purchased a new stake in Snap-on during the first quarter valued at $2,205,000. Credit Suisse AG now owns 90,806 shares of the company's stock valued at $15,317,000 after buying an additional 2,517 shares during the last quarter.

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