Snap Inc. (SNAP) is scheduled to report results of its third fiscal quarter after market close on October 21, with a conference call scheduled for 5 pm ET. What to watch for:

1. OUTLOOK: During the company's last earnings call, Snap said the company was expecting third quarter revenue between $1.07B-$1.085B, with consensus at $1.10B, and adjusted EBITDA between $100M-$120M.

2. TARGET UPPED AHEAD OF RESULTS: Earlier this week, KeyBanc analyst Justin Patterson raised the firm's price target on Snap to $90 from $88, while keeping an Overweight rating on the shares ahead of the company's third quarter results on October 21. The analyst expects positive estimate revisions to persist given Snap's "unique position" as ad spend continues to increase along with cost per impression. Further, he believes 50%-plus annual revenue growth "appears increasingly likely" for Snap. Patterson also expects Snap will guide fourth quarter revenue above consensus, which is currently at 47% year-over-year growth.

Also bullish on Snap ahead of quarterly results, MKM Partners analyst Rohit Kulkarni stated that based on intra-quarter data points, which include political ad spend disclosure, mobile app traffic and download data, return of live sports, and positive ad agency channel checks, along with broader digital advertising market recovery trends, he sees a "greater likelihood" of a beat-and-in-line quarter. Snap shares faded from all-time highs last month and are likely to trade range-bound around its support and resistance levels in the "low 70s" and "mid-80s" after earnings this week, Kulkarni added. The analyst kept a Buy rating and a price target of $82 on the shares.

3. SURVEY SAYS: Piper Sandler's semi-annual survey of 10,000 U.S. teens showed that Snap remains the favored name in social media, analyst Thomas Champion told investors in a research note earlier this month. Netflix (NFLX) and Alphabet's (GOOGL) YouTube retain leadership in streaming and Amazon.com (AMZN) remains the dominant retailer, but is also seeing some pockets of competition, the analyst added. Champion also pointed out that in this fall's survey, the trio of most used social apps remained unchanged with Facebook's (FB) Instagram, Snapchat and TikTok highest at 81%, 77%, and 73%, respectively. Snapchat remained the favorite app among teens at 35%, up from 31% in the spring, he highlighted.