Snap Inc. (SNAP, Buy, raising target to $18 from $17) The roadmap for DR ads from here plus 1Q24 model update
In this report, we briefly review six current drivers of SNAP’s direct response (DR) ad revenue growth, and five that could potentially contribute more in 2024. We also preview SNAP’s NewFront presentation tomorrow night, and update our model for last week’s earnings results, which result in our target increasing to $18 from $17 due to higher estimates and a higher target valuation.Snap is a camera company. The company's primary product, Snapchat, is a camera application that helps people to communicate visually through short videos and images called Snaps. The company's products are: Camera, which includes tools for people to personalize their Snaps; Chat, which includes interacting with friends on Snapchat; Discover, which includes providing Stories and Shows from publishers, creators, and the community; Snap Map, which shows a live map of the user's location; Memories, which enables users to save the Snaps they create in a personal collection called Memories; and Spectacles, which includes creating Memories by using Spectacles, which are the company's sunglasses that make Snaps.
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