Shares of Snap (NYSE: SNAP) have surged today, up by 10% as of 12:20 p.m. EST, after getting two price-target increases from Wall Street analysts. Both Wells Fargo and Evercore ISI have boosted their valuation estimates on the Snapchat parent.
Wells Fargo analyst Brian Fitzgerald raised his price target on Snap from $44 to $62 while reiterating an overweight rating. Fitzgerald is optimistic that the macroeconomic recovery in the U.S. will help sustain the momentum that many tech companies enjoyed in 2020. At the same time, lockdown restrictions are loosening and it's unlikely that lawmakers will seek to raise taxes until conditions improve.
Image source: Snap.
Source Fool.com