Snap gains after Wells Fargo raises PT on stabilizing ad environment

Social media company Snap's SNAP.N shares rise 8.2% to $9.40 in morning trading

Wells Fargo raises SNAP PT to $11 from $8 on Monday, representing an upside of ~27% to stock's last close

Brokerage says it sees positive near-term setup driven for co due to conservative Wall Street consensus, stabilizing ad environment and new monetization avenues

For SNAP, Wells Fargo now expects Q2 rev growth of over 13% vs. prior estimates of over 6%, while data compiled by LSEG shows Wall Street's target of 8.4% rev growth

Brokerage expects Snap to return to its historical quarter-forward forecast practice

Sponsored Snaps, which are video ads that appear in users' inboxes, seen as an underappreciated catalyst, potentially driving meaningful incremental revenue - brokerage

User growth in core North American markets is soft, though international growth offsets some of this - brokerage

7 of 43 brokerages rate the stock "buy" or higher, 33 "hold" and 3 "sell"; their median PT is $9 - LSEG

As of last close, stock down ~19% this year