Guggenheim Securities analyst Michael Morris on Monday upgraded his stock ratings on Snap and Spotify after"revising our valuation framework for our digital media coverage universe to better reflect comparability with peer companies in the software industry."
The analyst also boosted the stock price targets for Netflix and other major internet firms hoe covers. He explained that"there are greater similarities between internet and software companies, including core investment in research & development and engineering resources, and creation of high-utility technology platforms, than is implied in current valuations.
The analyst raised his rating on the stock of social media firm Snap from"neutral" to"buy," with his price target rising by $6 to $28, providing 13 percent upside at its current price. He also upgraded his rating on Spotify shares from"sell" to"neutral," with his price target jumping by $18 to $250, or 6 percent upside."Our higher price target reflects our updated blended valuation methodology," he explained in both cases.
Morris' stock price targets elsewhere include a $40 increase for"buy"-rated Netflix to $570, a $35 boost for"buy"-rated Facebook to $330, and a $9 improvement to $48 for"neutral"-rated Twitter. He also raised his stock price target for"buy"-rated Google owner Alphabet from $1,725 to $1,850 and for"neutral"-rated Roku from $150 to $173.
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