FB - Snap: Path To $100 Billion Underway Upgrading To Buy

• SNAP shares are trading ~$50/share, a market cap of ~$75 billion, making it one of the largest publicly traded social media platforms out there.
• SNAP's success of late has been astonishing, but well grounded. The company's stock has skyrocketed off the back of both strong monetization and user growth, combined with multiple expansion.
• In order to succeed in digital advertising, you need a unique value proposition for advertisers. SNAP has just that.
• SNAP's biggest hurdle will be growing the platform's monetization outside of the lower engagement Discover platform. SNAP already seems to be making inroads on this, particularly with Stories ads. The question is, can monetization improve drastically enough to sustain valuation?
• I believe so, and that there is even more upside to this story. Upgrading from Hold to Buy, raising PT from $37 to $75.

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