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July 11, 2019, 10:26 a.m. EDT

Snap has seen a spike in downloads and could surprise on user growth, says BofA

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By Emily Bary

Snap Inc. shares /zigman2/quotes/205087158/composite SNAP -0.12% are rising in Thursday morning trading after Bank of America Merrill Lynch analyst Justin Post wrote that the company could be set to deliver an "upside user quarter" due to a spike in Snapchat app downloads. "Overall we anticipate improving user trends and revenue upside in 2Q, though we expect Snap to remain conservative in its outlook," he wrote in a note to clients. Post said that his channel checks with advertisers were mixed, although spending on self-service ads is "likely up materially." He maintained a neutral rating on the stock given that the app-download data seem to be well understood by the market and Snap is heading into a typically slow period for usage. The stock has risen 184% so far this year, as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.0020% has gained 20%.

/zigman2/quotes/205087158/composite
US : U.S.: NYSE
$ 16.88
-0.02 -0.12%
Volume: 31.80M
Sept. 19, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$23.28 billion
Rev. per Employee
$409,309
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/zigman2/quotes/210599714/realtime
US : S&P US
3,006.79
+0.06 +0.0020%
Volume: 1.55B
Sept. 19, 2019 5:17p
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