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Snap (SNAP) soars 11% on Q4 revenue growth forecast
Snap (SNAP) traded 11% higher on Tuesday after Goldman Sachs said that it sees the social media company delivering Q4 revenue growth beyond current Wall Street forecasts.
Snap Inc. (SNAP) shares surged 11% in Tuesday’s trading after Goldman Sachs said that the social media company could deliver better-than-expected revenue growth in Q4.
Analyst Heath Terry believes that Snap’s recent tech innovations and product partnerships have laid the foundation for revenue growth that could soar past Wall Street expectations heading into 2021.
Snap opted against providing specific guidance for Q4 amid uncertainty about the impact of the ongoing pandemic, but it did say that revenue could rise by up to 50% year over year.
This was back in late October, when the Santa Monica-based company came with impressive Q3 earnings beats and said that daily active users had climbed 18% to 249 million.
Snap has continued to thrive since then, and Terry followed up his bullish coverage with a new Wall Street high price target of $70 on Tuesday, up from $47.
Terry said that “Snap’s Spotlight product, new ad campaign objectives and bid types, and the Unity partnership, particularly Unity Ads’ inclusion into the Snap Audience Network (SAN)” could drive more engagement and help advertisers.
Terry also expects stronger revenue growth to continue beyond the current quarter.
After the boost from Goldman, SNAP opened 11% higher on the New York Stock Exchange, though the gains did level off and ease lower to 5.5% by around 2pm ET.
Snap is still very much on the upswing at the moment though after advancing 130% since late June.
The social messaging app hit a record high of $54.71 two weeks ago, and its latest uptick saw it move to $50.90.
The analyst consensus for Snap is at overweight with 25 buy, 11 hold and three sell ratings.
The average price target is $42.12.
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