Rating: Sector Perform
Price target: $10 (from $8)
"Things clearly getting less worse, but are they getting better?" Mark Mahaney wrote in a note on Monday.
He said he was maintaining his rating on the stock, rather than upgrading it, due to "valuation and uncertainty."
"SNAP noted that it is cautiously optimistic and does not foresee a Q/ Q decline in DAUs in Q1. Still, we are reserving judgement on the early, limited release of the improved Android app, with mngmt saying early tests showing promise," he wrote, referring to daily active users.