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Snap: BofA renews buy rating after Snapchat+ surprise

( - On Tuesday BofA renewed its buy rating on Snap shares, with a target price of 22 dollars, the day after the social media company announced it had gained one million subscribers for its new paid service Snapchat+.

The broker said that it is encouraged by the "surprise" success, which could represent some 12 million dollars in additional revenue in Q3 alone, and an additional 200 million dollars in revenue by 2023.

However, it explains that although the market has been able to integrate the risks associated with the Santa Monica (California) group's business, it does not take into account the potential good news.

The share closed up 3% at 12.6 dollars yesterday - however, note that it is way off its heady heights of around 80 dollars in September last year.

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