Snap stock price forecast: Deutsche Bank sees another 17% upside

Snap Inc (NYSE: SNAP) has already doubled over the past four months but a Deutsche Bank analyst is convinced it still has more room to the upside.

Snap stock should be worth $19

Benjamin Black upgraded the social media company to “buy” this morning and raised his price objective to $19 that suggests about a 17% upside from here.

The analyst told clients in a research note today that better advertising trends are expected to help Snap stock move further up in the coming months.

Snap Inc will report its first-quarter financial results on February 6^th. Consensus is for it to lose 16 cents a share versus 8 cents per share a year ago.

Snapchat+ will help boost revenue

Benjamin Black expects Snapchat+ to deliver a meaningful boost to revenue in the quarters ahead. The premium offering now has over 7.0 million subscribers worldwide.

The Deutsche Bank expert is confident that Snap stock will also benefit from a social shopping deal the Nasdaq-listed firm announced with Amazon.com Inc in November of 2023 as Invezz reported here.

Note that the eCommerce giant now spends some $20 billion a year on advertising. Other reasons cited for the positive view on $SNAP include easier comps moving forward.

Black raised his 2024 revenue and EBITDA estimates for Snap Inc by 5.0% and 38%, respectively, on Friday.