Snap (SNAP) stock underperformed the main indices on Friday as it continued its struggle to regain some credibility with investors. With the stock down a colossal 83% over the past year and 73% in 2022, it is no wonder that attracting buyers will prove difficult.
SNAP caught a couple of bullish analyst notes in the last few weeks as bottom pickers waded into the carcass. UBS said the bottom may be in from July in terms of growth, and Bank of America liked what they saw in a leaked internal memo from Snap CEO Evan Spiegel. We believe it was The Verge that first reported details of the memo.
In the memo, Evan Spiegel said he is aiming to grow users up to 450 million by the end of next year with a focus on attracting older users.
The memo noted Spiegel as saying they got punched in the face by 2022. So maybe some green shoots but a reminder that it was only in May that the company said it will again miss estimates for revenue and earnings. That led to another sharp sell-off.