September 28, 2020 | internet | No Comments
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Guggenheim 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% over current valuations. Shares in Roku, rated “neutral” by Morris, are projected to be