The results led Jefferies to raise its price target to $90, from $81, now implying 20% further upside. Snap's upbeat report came alongside one from Twitter, but Snap's was the "most impressive" of the two, analyst Brent Thill says.
It's still a top pick at Jefferies, giving the firm more confidence that it can pull off sustainable revenue growth of 50% or more for the next several years.
Piper Sandler noted not only better-than-expected revenues but also margins along with improved ad effectiveness. And it pointed to encouraging progress on its Lens Studio and Spotlight services.
And Barclays raised its target to $81 from $75, saying concerns about tough comparisons are easing with the company growing faster than pre-pandemic levels.