Snapchat parent company Snap is scheduled to report first-quarter earnings after the bell on Tuesday.
In the little over two years that Snap has been a public company, its stock has been in an almost constant freefall amid stiff social-media competition and a string of executive turnover — until last December, when shares bottomed out with the rest of the market. It has booked a meteoric 110% rise this year.
Now, ahead of the self-proclaimed camera company's first-quarter earnings report, due out after Tuesday's market close, analysts are telling clients that the picture looks stronger than previous quarters, but that there's still work to be done as far as solidifying a turnaround. "Encouraging momentum but the comeback kid is not out of the woods yet," Jefferies analysts led by Brent Thill, who carry a"hold" rating and $11 price target, wrote to clients on Monday.
And JPMorgan analysts led by Doug Anmuth expressed a similar sentiment in their note to clients on Sunday, saying"things are getting better," while reiterating their"underweight" rating and $7 price target. Anmuth and his team were particularly encouraged by what they view as Snap's management team becoming"operationally stronger," with the company trying to maintain the"increased discipline installed by short-lived CFO
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