Is Snap stock worth owning in April 2024?

By:
on Apr 18, 2024
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  • Snap stock has gained more than 10% in recent sessions.
  • Analysts at Wells Fargo still sees further upside in $SNAP.
  • Snap Inc is slated to report quarterly earnings next week.

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Snap Inc (NYSE: SNAP) has gained over 10% in recent sessions but it may not be out of juice just yet, as per Wells Fargo.

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How high could Snap stock go in 2024?

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Analysts at the financial services behemoth continue to see upside in $SNAP to $16 which signals potential for another 40% gain.

Wells Fargo expects the social media company to benefit as the numbers of subscribers on Snap+ push up further in coming months. Its experts forecast “healthy” contribution from Spotlight as well moving forward.

Note that the premium service had 7.0 million paid subscribers at the end of last year.

Wells Fargo analysts are bullish on Snap stock even though the New York listed firm is expected to lose 24 cents a share in its current financial quarter versus 19 cents per share a year ago.

TikTok ban could benefit $SNAP

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Snap Inc is worth owning in April 2024 particularly because the House is moving closer to changing the ownership or all-out blocking the rival TikTok in the U.S.

On top of it, Benzinga recently reported options data that indicate the overall sentiment on Snap stock as 65% bullish.

It is also worth mentioning here that Wells Fargo is not the only firm that still sees upside in $SNAP. Analysts at UBS also announced a $13 price objective on the $19 billion company based out of Santa Monica, California which suggests about a 13% upside from here.

Snap shares do not currently pay a dividend, though.

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