Credit Suisse analyst Stephen Ju raised his price target for Snap to $25 from $22 and keeps an Outperform rating on the shares ahead of the company's Q4 results on February 4. The analyst cites faster longer term average revenue per user growth expectations for the target bump. While the company has not given specific disclosure on user time spent or sessions per day, the analyst calculates that the number of Snap ads a user sees per session remains at a "very low" level. This suggests that there remains "significant room" for the company to increase the ad load in pursuit of revenue growth, Ju tells investors in a pre-earnings research note.