Drexel Hamilton Thinks Snap Inc’s Stock is Going to Recover

By Austin Angelo

In a report released today, Brian White from Drexel Hamilton reiterated a Buy rating on Snap Inc (NASDAQ: SNAP), with a price target of $30. The company’s shares opened today at $17.85, close to its 52-week low of $17.

According to TipRanks.com, White is a 5-star analyst with an average return of 9.7% and a 60.8% success rate. White covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Amphenol Corp, and Cisco Systems.

Currently, the analyst consensus on Snap Inc is Hold and the average price target is $21.81, representing a 22.2% upside.

In a report issued on June 7, Oppenheimer also reiterated a Buy rating on the stock with a $23 price target.

Based on Snap Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $150 million and GAAP net loss of $2.21 billion. In comparison, last year the company earned revenue of $38.8 million and had a GAAP net loss of $105 million.

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Snap, Inc. develops a text and photo based messaging application for mobile phones. Its platform enables users to share photos with friends and control how long they can view their message. The company was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C. Murphy in July 2011 and is headquartered in Venice, CA.