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Snap Could Add $200 Million in Revenue in 2023 - BofA

By Sam Boughedda A BofA analyst maintained a Buy rating and $22 price target on Snap (NYSE:SNAP) shares Tuesday, telling investors Snapchat Plus obtaining surprising traction could...
Snap Could Add $200 Million in Revenue in 2023 - BofA © Reuters. Snap (SNAP) Could Add $200 Million in Revenue in 2023 - BofA

By Sam Boughedda

A BofA analyst maintained a Buy rating and $22 price target on Snap (NYSE:SNAP) shares Tuesday, telling investors Snapchat Plus obtaining surprising traction could add $12 million to third quarter revenue and $200 million in 2023.

Snap launched additional Plus subscriber features and announced that there are over 1 million global paying users for Snapchat Plus, its subscription service launched in late June this year.

"Plus's 1mn paid subscribers represent less than 0.3% penetration of Snap's global DAUs of 347mn (2Q'22) and ~1% of US DAUs (99mn). Snap charges $3.99/month for Plus, with discounts for 6 month or 12 month subscriptions," said the analyst. "We are encouraged to see the early Plus user adoption, and see $12mn 3Q revenue potential assuming 1mn average users for 3Q. Assuming 3% penetration of US DAUs, 1% for European users and 0.4% for RoW users, we estimate a ~5mn 2023 subscriber opportunity. Assuming $40/year average pricing, Plus could generate ~$200mn/year in revenue, or 4% upside to our current $5.4bn 2023 estimates."

The analyst also brought up the growing scrutiny for Snap rival TikTok after BuzzFeed (NASDAQ:BZFD) reported that China-based employees of TikTok accessed private information on US users, and the FCC Commissioner raised security concerns over TikTok and appealed Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) to remove the app from their app stores.

Focusing back on Snap, the analyst explained that they think Snap's "valuation at below 4x 2023 revenues (which is similar to the Pandemic valuation bottom in 2020) factors in risks that 2023 revenue will miss, with little optimism on upside potential."

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

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USD/JPY

157.91

+0.12 (+0.07%)

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↑ Buy

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

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Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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US Coffee C Futures

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17,763.03

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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Cập nhật lúc 10:45:15 01/05/2024
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