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Snap Gets Upgrade, Other Internet Stocks Boosted By Analyst Comparing Them To Software Firms

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deadline.com
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Dade Hayes Finance EditorGuggenheim Securities analyst Michael Morris has boosted his 12-month price targets for six internet companies he covers, upgraded Snap Inc.

and initiated coverage of Pinterest with a buy rating.In a report summarizing the sweeping adjustments Monday, Morris cited an effort to shift analysis of the companies to bring it more in line with that of software companies, a group led by Microsoft.Snapchat parent Snap Inc.

earned an upgrade from “neutral” to “buy,” with its price target rising to $28 from $22. Pinterest starts off as a “buy,” with a price target of $48.

Facebook, Google parent Alphabet, Roku, Netflix, Spotify and Twitter all saw their targets upped. The revised target prices represent a premium of 9% to 30%.

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