© Reuters.
By Sam Boughedda
Investing.com — Evercore analyst Mark Mahaney said Friday that he continues to be impressed with Snap Inc ‘s (NYSE:) product innovation following the company’s 2022 Partner Summit.
Snap shares rose 0.45% on Friday.
The analyst, who has an outperform rating and $47 price target on the stock, was quoted by The Fly as saying in a note that he left the event with an “even greater appreciation” for Snap’s leading position in AR technology along with the potential “commercial unlock,” specifically in social commerce.
Mahaney added that the company disclosed 600 million monthly active users, up around 100 million, or 20% from last year’s Summit, and “solidly ahead” of Pinterest (NYSE:) and Twitter (NYSE:).
Elsewhere, Jefferies analyst Thill reiterated a buy rating and $52 price target on Snap, saying that after attending the Summit, they believe “the improvements to the AR shopping tools were most compelling, and in our view, open the platform to a wider advertiser base.”
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