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Snap +3.5%; Cantor gets bullish, SunTrust starts at Sell

Published 08/16/2017, 12:30 PM
© Reuters. Snap +3.5%; Cantor gets bullish, SunTrust starts at Sell
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  • Snap (NYSE:SNAP) is up 3.5%, building momentum for the third day in a row following Monday's lockup expiration.
  • Cantor Fitzgerald upgraded shares to Overweight from Neutral, and hold a $17 price target (29% upside implied).
  • Meanwhile, SunTrust has joined the (relatively numerous) bears, initiating coverage of Snap at Sell in a new report on social networking competitors.
  • Facebook's (FB -0.2%) adoption of Snap's features is leading to faster growth, notes analyst Youssef Squali, and Facebook/Instagram and YouTube are "quick followers, constantly improving their value proposition as well, at materially greater scale."
  • It's going to take time for Snap to overcome "challenges around bringing advertisers onto the platform at scale, and getting a sizable portion of their ad spend short term."
  • He's set a price target for Snap of $10, implying 24% downside from today's pricing.
  • Meanwhile SunTrust has initiated Facebook at Buy, with a price target of $210 (23% upside implied) and Twitter (TWTR +1.3%) at Hold, with a price target of $16 (vs. today's price of $16.15).
  • Now read: Will Snap Become Just Another Broken IPO?


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