Loop Capital analyst Alan Gould upgraded Snap to Buy from Hold with a price target of $20, up from $15. The analyst believes that the company has "turned a corner" with a successful deployment of its Android app and the re-organization of its sales force as its reported ad revenue growth has been the highest among major internet platforms. Gould believes that Snap's ad revenue growth will continue to outperform the industry amid renewed user engagement over the past few quarters, also citing its "unduplicated" reach with core young demographic and its potential from "continued under-monetization relative to its peers".

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSImpinj (PI) up... To see the rest of the story go to thefly.com. See Story Here

Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.  TIK TOK BAN... To see the rest of the story go to thefly.com. See Story Here

TikTok Policy issued the following statement on the enactment of "the TikTok Ban": "This unconstitutional law is a TikTok ban, and we will challenge it in court. We believe the facts and the law are clearly on our side, and we will ultimately prevail. The fact is, we have invested billions of dollars to keep U.S. data safe and our platform free from outside influence and manipulation. This ban would devastate seven million businesses and silence 170 million Americans. As we continue to challenge this unconstitutional ban, we will continue investing and innovating to ensure TikTok remains a space where Americans of all walks of life can safely come to share their experiences, find joy, and be inspired." Publicly traded companies in the social media space that compete with TikTok include Meta Platforms (META), Alphabet (GOOGL), Pinterest (PINS) and Snap (SNAP). Reference Link

Meta Platforms (META), the parent company of Facebook, Instagram, WhatsApp, Oculus, Threads and other brands, is scheduled to report first quarter 2024 results after market close on Wednesday, April 24 with a conference call scheduled for 5 pm ET. Here's what to... To see the rest of the story go to thefly.com. See Story Here