JPMorgan, more encouraged after Q1 results, upgrades Snap to Neutral

JPMorgan analyst Doug Anmuth upgraded Snap to Neutral from Underweight and raised his price target for the shares to $11 from $7. The stock in premarket trading is up 6%, or 67c, to $12.66. Following yesterday's Q1 results, the analyst is more encouraged by the company's Andriod rollout and progress across its advertising platform. He believes Snap sped up its Android app rollout based on favorable early trends. Further, the company grew daily active users quarter-over-quarter for the first time in four quarters in Q1, adding 4M to 190M, Anmuth tells investors in a research note. He thinks Snap has grown operationally stronger and more disciplined. However, while encouraged by the new Android app rollout, Anmuth also believes it will be challenging for Snap to "age-up its user base over time."