Rothschild & Co Redburn upgraded Snap (SNAP) to Buy from Neutral with a price target of $10, up from $5. The firm views the company company turning GAAP profitable for the first time this year, the “potential break-out” of specs driving a stronger core business, and ongoing subscriptions momentum for the upgrade. Snap’s commentary continues to emphasize a focus on GAAP profitability, “indicating it sees the same path to success that we envisage,” the analyst tells investors in a research note.
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