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Fly News Breaks for March 20, 2017
SNAP
Mar 20, 2017 | 08:39 EDT
Monness Crespi analyst James Cakmak initiated Snap with a Buy and a $25 price target.
News For SNAP From the Last 2 Days
SNAP
Mar 27, 2017 | 12:02 EDT
Shares of Snap Inc. (SNAP) are on the rise after several Wall Street analysts started coverage of the stock with buy-equivalent ratings. This follows what has been mostly bearish calls on Snapchat's parent since its IPO earlier this month. BUY SNAP: In a research note this morning, Morgan Stanley analyst Brian Nowak initiated coverage of Snap with an Overweight rating and a $28 price target saying the company's engaged/hard-to-reach millennial users and unique video offerings should attract "significant ad dollars." Meanwhile, his peer at Goldman Sachs also started the stock with a Buy rating and a $27 price target. Analyst Health Terry believes the company is poised for outperformance as it continues to innovate against the growing mobile opportunity with its large, valuable, and highly engaged user base. Voicing a similar opinion, RBC Capital analyst Mark Mahaney set one of the highest price targets on Snap. The analyst initiated the stock with an Outperform rating and a $31 price target, arguing that the company can sustain premium growth for a long time and scale to profitability if it sustains its current level of innovation. Credit Suisse analyst Stephen Ju also started Snap with an Outperform rating and a $30 price target. While the analyst conceded that Snap remains a concept stock with an investment thesis that should play out over the coming five-plus years, he told investors that there should be signals every quarter of its monetization ramp progress. Snapchat has a strong following among teenagers and millennials, who are becoming increasingly difficult to reach with TV advertisements, William Blair analyst Ralph Schackart argued in a note of his own, saying that many brands see it as a platform they need to be advertising on given the importance of reaching this younger demographic. The analyst initiated the stock with an Outperform rating. Additionally, Cowen and JMP Securities started Snap with an Outperform rating and a $26 and a $28 price target, respectively, Jefferies initiated coverage of the stock with a Buy rating and a $30 price target, and Citi started Snapchat's parent with a Buy rating and a $27 price target. STAYING ON THE SIDELINES: However, not all analysts were as bullish on Snap this morning. Oppenheimer started Snapchat's parent with a Perform rating, citing current valuation. JPMorgan analyst Doug Anmuth also voiced a similar opinion as he initiated coverage with a Neutral rating. The valuation is "already at a healthy premium" while the social media landscape is increasingly competitive, the analyst contended. Additionally, UBS and Bank of America Merrill Lynch started Snap with a Neutral rating, with the latter saying it has less conviction on the stock's upside and that slowing user growth presents the biggest risk. WHAT'S NOTABLE: All of these firms that initiated coverage on Snap this morning, with the exception of UBS and Bank of America Merrill Lynch, were among the underwriters on Snap's IPO. PRICE ACTION: Near midday, shares of Snap have gained over 4% to $23.68.
SNAP
Mar 27, 2017 | 10:22 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) was initiated with an Outperform at William Blair, Cowen, RBC Capital, Credit Suisse, and JMP Securities, with a Perform at Oppenheimer, an Overweight at Morgan Stanley, a Buy at Jefferies, Citi, and Goldman, while being initiated with a Hold at Stifel, a Neutral at UBS, BofA/Merrill, and JPMorgan. 2. Starbucks (SBUX) initiated with an Outperform at Telsey Advisory. 3. Hamilton Lane (HLNE) initiated with an Overweight at Morgan Stanley and JPMorgan, a Market Perform at Wells Fargo and Keefe Bruyette, while Goldman intiated the stock with a Neutral. 4. MAA (MAA) initiated with an Overweight at Barclays. 5. Ally Financial (ALLY) initiated with a Neutral at Janney Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SNAP
Mar 27, 2017 | 09:20 EDT
Goldman analyst Heath Terry initiated Snap with a Buy and a $27 price target commenting the company is poised for outperformance as it continues to innovate against the growing mobile opportunity with its large, valuable, and highly engaged user base.
SNAP
Mar 27, 2017 | 09:18 EDT
HIGHER: Matinas BioPharma (MTNB), up 5.6% after reporting topline data from Phase 1 study of MAT2501... Weatherford (WFT), up 8.7% after its joint venture with Schlumberger (SLB) was announced... Snap (SNAP), up 3.5% as several research firms initiated coverage, including Morgan Stanley and Citi... Paratek Pharmaceuticals (PRTK), up 15.1% after Allergan (AGN) and Paratek announced that two sarecycline Phase 3 trials met their primary efficacy endpoints. DOWN AFTER EARNINGS: G-III Apparel (GIII), down 12.8%... Cal-Maine Foods (CALM), down 6.4%. ALSO LOWER: Schlumberger is down 1.1% following the announcement of a joint venture with Weatherford... ArQule (ARQL), down 15.7% after the JET-HCC Phase 3 trial did not meet its primary endpoint.
SNAP
Mar 27, 2017 | 08:01 EDT
Cowen analyst John Blackledge initiated Snap with an Outperform and a $26 price target based on ramping ad monetization.
SNAP
Mar 27, 2017 | 07:55 EDT
Morgan Stanley analyst Biran Nowak initiated Snap with an Overweight and a $28 price target and a $40 bull case. Nowak is bullish on Snap's monetization opportunity given its highly engaged daily active user base and believes its millennial audience and differentiated online video ad inventory are in high demand by advertisers.
SNAP
Mar 27, 2017 | 07:39 EDT
RBC Capital analyst Mark Mahaney believes that Snap's product innovation has been "extremely impressive." The analyst says that, if the company maintains its current levels of innovation, "it can sustain its premium growth for a long time" and ultimately become profitable. Target $31.
SNAP
Mar 27, 2017 | 07:08 EDT
Credit Suisse analyst Stephen Ju started Snap with an Outperform rating and $30 price target. The analyst says that while he concedes that Snap's shares remain a concept stock with an investment thesis he expects to play out over the coming five-plus years, there should be signals every quarter of its monetization ramp progress.
SNAP
Mar 27, 2017 | 06:45 EDT
BofA/Merrill analyst Justin Post initiated Snap with a Neutral and a $25 price target saying shares discount strong execution and believes slowing user growth presents the biggest risk.
SNAP
Mar 27, 2017 | 06:11 EDT
JPMorgan analyst Doug Anmuth started Snap with a Neutral rating and $24 price target. The valuation is "already at a healthy premium" while the social media landscape is increasingly competitive, the analyst contends.
SNAP
Mar 27, 2017 | 05:37 EDT
UBS analyst Eric Sheridan started Snap with a Neutral rating and $24 price target. The analyst sees a balanced risk/reward at current share levels with an upside scenario of $35 and a downside scenario of $13. Snap's unique consumer and advertiser proposition is offset by "already deep" penetration of smartphone users in the 18-25 year old demo, the analyst contends.
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