Why Snap Shares Are Trending Higher Monday

Snap Inc. (NYSE: SNAP) shares are trading higher on Monday after Guggenheim upgraded the stock. Here's what investors need to know.  

The Snap Analyst:  Guggenheim analyst Michael Morris upgraded Snap from Neutral to Buy and raised the price target from $9 to $23. 

The Snap Takeaways: Morris highlighted continued growth of the Snapchat+ service and continued and stable demand from its core user base of 13 to 30 year olds.

Snap CEO Evan Spiegel's 2024 outlook memo, which listed a goal of $500 million in non-advertising revenue, which implies meaningful incremental growth for Snapchat+, the analyst said. 

Last week, Wells Fargo analyst Ken Gawrelski upgraded Snap from Equal-Weight to Overweight and raised the price target from $8 to $22.

Snap shares have gained more than 47% over the last month and set a new 52-week high of $17.90 on Monday.

Snap has grabbed the attention of retail investors, and the stock is one of the top trending tickers on Yahoo Finance and WallStreetBets, according to SwaggyStocks.

According to data from Benzinga Pro, Snap shares are trading above the stock's 50-day moving average of $11.70 and 21.02% of available shares are being sold short.

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SNAP Price Action: According to Benzinga Pro, Snap shares were trading 1.71% higher at $17.21 midday Monday. 

Image: M.H. from Pixabay.