Snap Inc. SNAP
The three reasons
- 1
SNAP trades at largest-ever discount to FB/TWTR despite fastest revenue growth
- 2
FB valued at $345/DAU vs. SNAP at $63/DAU implies 5-6x upside
- 3
Short interest at 21% of float makes SNAP ripe for a contrarian squeeze
Primary demands
- Cover SNAP shorts; Citron initiates long coverage with $17 target price
- Recognize SNAP as a relative-value play vs. FB and TWTR on EV/Sales and EV/DAU
- Anticipate potential acquisition by Google or Apple
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (5)
Notes
Atypical for Citron: this is a contrarian LONG initiation on SNAP, not a short report — Citron explicitly tells shorts they have 'overstayed their welcome' and sets a $17 target. SCQA framing is strong (S: SNAP down 50%, C: shorts piled in at record levels, Q: is the negativity overdone?, A: yes, multiple re-rating + acquisition optionality). Argues via valuation gap vs. FB/TWTR, EV/DAU comparison, teen-mindshare moat, and Google/Apple takeout call-option. Casual, breezy register (Kardashian/Jenner references, 'damn compelling') rather than analytical short-report tone. Visuals are screenshots of Bloomberg charts and third-party infographics (Statista, BI Intelligence) — functional but not designed; little custom data-viz craft. Useful specimen for: short-squeeze thesis structure, 'crowd is wrong' framing, EV/DAU as a single-number argument, and pop-culture rhetoric in finance.