Snap Inc. shares /zigman2/quotes/205087158/composite SNAP -1.63% rose 3% in premarket trade Friday, after UBS upgraded the stock to buy from neutral and said it expects positive business momentum to continue into 2020 and beyond. Analysts led by Eric Sheridan raised their stock price target to $24 from $16, equal to 32% upside from its current price. "While the stock is up 21% over the past month and certainly not a contrarian idea to upgrade at these levels, we see a renewed mgmt team focused on driving a mix of user growth (especially the Android refresh) and ad monetization that could produce multi-year revenue growth even above our newly raised forecasts," the positive picture of U.S. internet users, suggesting strong growth in usage and ad conversion, said the note. At the same time, industry data is showing solid momentum for ad budget allocation and potential tailwinds for pricing on Snap's snapchat platform over the medium term. Snap shares have gained 128% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.38% has gained 26%.