Snap received an upgrade from HSBC to a 'Buy' rating, with the price target increased to $15.10, following robust Q1 results that exceeded estimates.
Snap's Q1 revenues of $1,195 million and gross profit of $620 million surpassed HSBC's projections. Adjusted operating expenses were lower, with adjusted EBITDA exceeding expectations.
HSBC's positive outlook for Snap is fueled by revenue growth acceleration and success in new products. Snap's reduced reliance on brand advertising and growth in subscription services are key factors.
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