SNAP → $9.50 by Sep 9, 2026.

# At the current valuation, SNAP is being treated almost like a permanently broken ad-tech company. I think that misses the scale of the consumer asset and the fact that the business is finally starting to show operating leverage. The basic thesis: Snap has near-billion-user scale, half-a-billion daily users, positive free cash flow, a fast-growing direct-revenue business, and a 2026 catalyst path, yet the equity is valued at roughly around 1.5x trailing revenue. That seems undervaluation to me. # 1. …