Shares of Snap have rallied over the past six months following a tough year with high executive turnover.
Snap has made a major comeback so far in 2019, nearly doubling its stock price from $5.79 on the first trading day of the year to $11.28 as of Thursday's market close.
Snap still has a lot to prove to investors to show the worst is behind it. The company is still down about 23 percent over the past 12 months and has experienced high turnover among its top executives. It posted a loss in its latest earnings report, even though it was lower than Wall Street expectations.
After a visit to Snap's Santa Monica offices, Jefferies analysts wrote in March that it"felt like it had grown up from a start-up to a more mature company." The analysts raised their price target from $9 to $11, feeling"generally impressed with the cohesion and positive steps on the road to recovery."
"With the rebuild slowly being rolled out, performance is showing positive signs especially in geographies where users are on lower spec phones with less connectivity," Jefferies analysts wrote in March, saying their models anticipate an additional 7 million daily active users throughout the year. Initiating coverage of Snap with the equivalent of a buy rating and price target of $14, the analysts wrote that they"expect the company to unlock value as an entertainment platform," and that investors could be overlooking in-app purchase opportunities.
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