Snap is the 'comeback kid.' Here's what Wall Street is saying about its latest results. (SNAP)

• Snap, Snapchat's parent company, exceeded Wall Street's expectations on Tuesday.
• The social-media company reported a smaller quarterly loss than was forecast, and revenue also topped expectations.
• Shares soared more than 20% following the results.
• Investment firms were mostly upbeat on the results. Snap preannounced last month that its results would come in "slightly favorable to the top end" of the company's previous forecast.
• Watch Snap trade live.

Wall Street was quick to heap praise onto Snapchat's parent company, Snap, after the social-media platform reported fourth-quarter results that exceeded expectations. The report led analysts on Wednesday to wonder whether the troubled stock had reached an inflection point, though many cautioned that any kind of turnaround was in its early stages.

Snap's quarterly loss on Tuesday came in smaller than expected, and its sales also topped consensus expectations, sending the stock soaring more than 22% early Wednesday to $8.65 a share. Analysts were also encouraged by the Snapchat app's daily active user count — a key measure of the app's health — stabilizing in the fourth quarter after two quarters of declines.

The company had already announced in a filing last month— when it also said its CFO would leave the company— that its revenue and adjusted EBITDA numbers would come in "slightly favorable to the top end" of its prior guidance.

Read more:Snap's stock jumps 17% after its Q4 beats Wall Street's expectations

The results drew at least six analysts tracking the stock to raise their price targets, though all were well below the company's initial-public-offering price of $17 a share. The average price target on Snap is now $8.35, according to analysts surveyed by Bloomberg.

Still, while analysts lifted their price targets far and wide, less common were changes in their investment recommendations. Analysts like Mark Mahaney at RBC Capital Markets and Doug Anmuth at JPMorgan, who both bumped up their price targets, maintained their "sector perform" and "underweight" ratings, respectively.

"Though these were encouraging results, one quarter doesn't make a trend and we remain Underweight as we look for further signs of improvement in the business," Anmuth told clients on Wednesday.

A more cautious analyst, SunTrust's Youssef Squali, maintained both his $8 price target and his "hold" rating. Squali said the quarterly results pointed to "sustained advertiser demand, stabilization in user growth and better cost containment."

He added: "That said, lack of visibility into DAU growth re-acceleration (likely post the full Android app re-launch), timing of break-even and valuation keep us on the sidelines."

Here's a summary of what other Wall Street analysts are telling their clients about Snap's latest report:

Jefferies: 'Encouraging Steps by the Comeback Kid'

Rating: Hold 

Price target: $9 (from $7)

"We remain on the sidelines, but are incrementally more positive with underlying growth in iOS users and a niche audience that is increasingly difficult to reach in a digital age," the analyst Brent Thill told clients Wednesday.

He added that 2018 was the "year of exodus from both employees and users on the platform, but we believe that Snap is turning the corner in '19 and that will help investor sentiment improve throughout the year. We also would like to see Snap lay out some simple framework on its 3-5 year planning and help to simplify the narrative around the story."

RBC Capital Markets: 'An Inflection Point?'

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, because of "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.

JPMorgan: 'A Better Quarter w/ Users Stable & Progress on Negative EBITDA & FCF'

Rating: Underweight 

Price target: $7 (from $6) 

"Though these were encouraging results, one quarter doesn't make a trend and we remain Underweight as we look for further signs of improvement in the business," the analyst Doug Anmuth said. "We continue to believe growing DAUs will be challenging and the competitive landscape for both user time and advertiser dollars remains intense." 

He added: "We believe there is better risk/reward in other names, including FB& TWTR, which are two of our top picks."