Deutsche Bank Upgrades Snap Stock to Buy, Anticipates 16% Gains
Deutsche Bank has raised its rating on Snap to buy from hold, with analysts predicting more than 16% gains for the social media stock going forward. The upgrade comes after a strong performance by Snap in 2023, which saw the stock rise by 89%. Analyst Benjamin Black cited several catalysts for the upgrade, including the incremental revenue generated by Snapchat+, the strong performance of the ad platform rebuild, the potential for a significant partnership with Amazon, and the growing contribution of inbound advertising from China. Deutsche Bank’s industry checks suggest that the ad-platform rebuild is complete and the new focus on down-funnel conversions is providing demonstrable improvement in advertiser return on ad spend. Snap shares were up 2.8% in premarket trading.
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