大行評級|花旗:上調Snap目標價至13.5美元 上季業績及首季收入指引勝預期
花旗發表報吿指出,Snap上季業績及對今年首季收入指引勝預期,主要受惠於直接回應(DR)平台及和新型廣吿單元吸引更多廣吿商(廣吿商數量在去年第四季按年翻倍),以及Snapchat+訂閲用户達1400萬,按年增長一倍。在Spotlight等功能的推動下,Snap的全球用户使用時長持續增長。Snapchat的簡化版重新設計和推廣進展順利,儘管公司採取保守策略以避免影響用户參與度的增長。
此外,Snap的DR廣吿收入按年升14%,是基於廣吿商數量翻倍。但品牌廣吿持續迎來挑戰,收入按年跌1%,主要由於公司計劃今年進行投資,限制利潤率擴張。雖然用户參與度的提升以及DR業務的改善令人鼓舞,但前景可見性仍有限。因此,該行維持對Snap的“中性/高風險”評級,目標價由13美元上調至13.5美元。
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