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Benzinga

Business

Vaishali Prayag

What's Going On With Snap Shares Today?

SNAP Wells Fargo TikTok

Jakarta,-,February,03,2023:,Snapchat,Mobile,App,And,Icon,Seen

Snap Inc. (NYSE:SNAP) shares are trading higher on Tuesday after Wells Fargo raised its price target on the stock from $8 to $11, citing stronger-than-expected revenue growth in a stabilizing ad market.

What To Know: The firm now expects second-quarter revenue to increase 13% year-over-year, up from a prior estimate of 6% and above the consensus forecast of 8%. Wells Fargo also sees subscription revenue reaching $165 million and forecasts $76 million in EBITDA for the quarter, nearly double the street estimate, according to Investing.com.

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