Snap’s “Puzzling” Earnings Results Cool Off the Stock and Raise Questions About TikTok
Snap delivered better-than-expected revenue for the latest quarter despite shrinking ad budgets from major advertisers who are struggling with the pandemic, but the social media company disappointed investors with slower-than-anticipated user growth and conservative guidance.
Snap Price Target Increased to $26 by Stifel
Snap is building a case that it is among the best-positioned companies to capture a growing share of digital advertising dollars in a post-COVID environment. On Friday, the Snapchat parent company received a price target hike to $26 (previously $18) from Stifel analyst John Egbert.
What the Rise of TikTok Means for Snap
TikTok has been the most popular app of 2020 and is showing little signs of slowing down. Despite competing for screen time from a similar demographic, Wall Street believes the two video-first mobile apps can co-exist.