Bank of America upgrades Snap (NYSE:SNAP) from Neutral to Buy on higher conviction of potential ARPU expansion, driven by the ongoing Discover content rollout.
BofA also notes solid industry ad spend checks and expects Q4 to be Snap's first EBITDA positive quarter, which would change the narrative.
Snap will report Q3 results on October 22.
SNAP is up 2.8% pre-market to $14.17. The company has a Hold average Sell Side rating.
Now read: Snap's Advance Higher Is Not Over »
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